The metals declined ever so slightly today, both gold and silver lost .14%. However, a quick look in on my trading account showed a lot of green! This can only be viewed as another bullish case for the metals and miners.
I sold Kinross today, symbol KGC, for some 21% profit. It had become the least strong of my miners, and I felt I wanted to take the profit, and acquire either a different company, or more shares of some of my other holdings. Most are staying right at the top of the list for their relative strength in price movement.
The moves being generally as light as they were today, I would expect the volume to be less than average… was it?
First, I see these were up… on light volume, like: SSRI, AG, MUX, PVG, AKG, CDE, FSM, HL, AUY, ABX, PAAS, SLW, SGDM, GDX, SLV and GLD. It would appear the tiny decline in the metals prices either came after the market’s close, or were not reflected in the price of the ETFs, SLV and GLD.
Movers to the upside on big volume were: IAG,
There were decliners, on less than average volume in RIC and RGLD.
The charts are an appearance of health. There is still no threat to the bullish case to be made for what I’m looking at here. The longer prices consolidate and go sideways, the better the base from which the next rally will launch. I sold Kinross, but I won’t redeploy the proceeds just yet, and will post it here when I do.
Here’s to your accumulation of real wealth!
Harold F Crowell