Okay, so I already had an idea how this day was going to go. The metals were up considerably more overseas before our markets opened, and I had this gut feeling it wasn’t going to either rise further, or even hold… but, settle back some… even close a little higher. So, it did not surprise me in the least when I saw how high we already were this morning, and how that, from time-to-time, as I checked in, it was giving a lot back, only to close higher than the day’s lows… practically splitting the high and low right down the middle by the close.
I saw a lot of green around the open. Came back during the day, at one point, to see gold ahead only by $2.20, and all my miners in the red. We close up by $8.50, splitting the day.
So, metals pricing being as volatile as it was today, with buying, then selling off, then some buying again. With half closing in the green, and half showing loss, I would expect average to higher-than-average volume today, with price looking to commence to consolidate, or possibly correct, this latest advance begun Friday. To the charts!
I’ve got gainers on bigger than average volume in: MUX, PVG, CDE, RIC, ABX, SLW, HL, IAG and GLD.
Gainers on average volume: SGDM and GDX.
Losers on average volume: SSRI, AKG, FSM and RGLD.
Losers on higher volume: AG, AUY and PAAS.
Those that declined on light volume: SLV.
This can be read. Between the price candle on each chart, and the volume involved in the move. The Bullish case stands, and is even strengthened.
We have new highs today, as well, in: MUX, PVG, CDE, ABX, SLW, SGDM, GDX, HL, IAG and GLD.
Watch and wait… there IS more to come! I’m quite confident of that.
Gold and silver have slipped back a rather large amount overnight. Stocks are up big time in Europe. Gold down 1.24%. Our stock futures up better than 1% in Europe. It’s 6:37 am EST.
Here’s to your accumulation of real wealth!
Harold F Crowell