Gold rose $3.70, but silver rose $.49! There’s lots of green in my trading account, but I see 4 red losers, too… wonder what that’s about? Let’s go straight to the charts, then if I need to check into the news about some, I’ll do it.
I’d expect the silver miners to be taking off, and on some pretty impressive volume… gold, not so much. Average volume, and maybe less.
I have those that rose on pretty weak volume, as: SSRI, FSM, ABX, RGLD, SGDM, GDX,
Those that rose on simply average volume were: PVG, CDE, MUX, AG, HL, SLW, PAAS,
I have decliners, and IAG was on big volume again, for the 3rd day in a row. I need to look in on this one. RIC, on the other hand, declined, but on very low volume. AUY fell on slightly less than avg volume. AKG is falling off on big volume for a 2nd day in a row. I need to look in on this one, too, as that’s just not right. What’s up with IAM Gold and Asanko Gold, eh? I’ll try to find out and get back with that… and, sell them, if we have to.
Okay, my take on the general picture. For the nice price rise in silver to result in so little volume is a bit disconcerting. The volume across all our miners was off 21%, on average. But for the ETF, SLV, its price rise was on BIG volume! 82% more than usual!!! Even GLD was rising with 36% more volume than its average. What do we make of that?
But, we do have lots of new highs… see: SSRI, PVG, CDE, MUX, FSM, AG, HL, SLW, ABX, PAAS, RGLD, SGDM, GDX and SLV… and GLD’s getting close. It’s a Bull Market in the precious metals… Got yours yet?
For the record, 10 minutes into Friday’s trading, AKG was STILL looking pathetic, and getting NO love, so I sold my position and took a 9.4% profit still there. I don’t know what was going wrong with Asanko, as I was not able to find any news, and I was not willing to wait for it to possibly become a loser.
I took the sales proceeds from the release of Asanko, AKG, and placed them in shares of the very best issue I could find at this time, which to me appeared to be Avino Silver, symbol ASM. Take a look for yourself, and see if it might not be a worthy candidate.
Here’s to your accumulation of real wealth!
Harold F Crowell
A check at Yahoo News on IAG and AKG didn’t turn up anything to explain why they are going the wrong direction. I’ll give them just a little more time, perhaps no more than tomorrow even!