Blowing my own horn just a bit, but… I called a low-risk entry opportunity the very end of May and first part of June. That was when we got my OEXpert 7 market timer up and running with gold price data, and it was signalling at that very time that risk was low, and an opportunity to buy was at hand. I then said in just the past week, that I saw price data getting to a place of price support, and to look for a possible turn, which took place just then. So much for my blowing my own horn.
Actually, I’m not done just quite yet. I started and jumped in aggressively on Friday, April 8, as I saw the metals and miners moving upward mightily on volume that day. Since then, and in less than 4 months time, I have 5 of my current precious metals stock selections that have at least doubled. Those 5 being AG, CDE, FSM, HL and SLW. The average gain for all 16 of my metals related stocks is 63%!
Today was another very good day. We’ve many breakouts, and new highs. If this is going to run any distance, volume must pick up. Let’s see if it did today. The charts speak to me, and they tell me what’s up.
I’ll first list those that rose well, and on expanding volume, above the norm: CDE, IAG and SLV.
Others only rose on average volume, not what I’d prefer to see: MUX, HL, AG, RIC, SLW, RGLD, GDX and GLD.
Then, there were others up, but on light volume, which is discouraging, as with: ASM, PVG, FSM, SSRI, PAAS, SGDM and ABX.
Even one that declined, and on big volume… perhaps a sale candidate? AUY. Gonna have to look into this…….
Now my enthusiasm has been totally tempered. I don’t like the volume on today’s move. It doesn’t show enthusiasm or even great conviction. According to an average of all volume data, it was not even 3% greater. The move becomes suspect, when volume doesn’t swell.
We have this going for us, however, the charts patterns themselves, and the number of those making new price highs, having broken out, could attract all new attention on their own, and generate a run… but, what we’ve seen this week already does not qualify as the kicking off of any great run up in the metals and their miners… yet! But, I have a full confidence that they will, at some point in the future, because, well… you know, it’s a Bull Market!
Those that have broken out into new price highs are: CDE, HL, IAG, AG, RIC, SLW, PAAS, RGLD and GDX. That’s 9 of the 19 symbols I track here. It could kick-off something!
Here’s to your accumulation of real wealth!
Harold F Crowell