Yahoo! We’re doing well, aren’t we?!?!? On Friday, gold rose more than $20… silver is at $19.75, after rising 5.67%, or $1.06 an oz!!!
The charts ought to be beautiful. Good price rises, new highs and better than average volume. Anything less would be a disappointment! Let’s get right to the charts!
First, whatever was with AKG is not a problem anymore. I sold it for a profit, and grabbed some Avino Silver, ASM.
We have issues that rose on big volume, see: ASM, FSM, MUX, AG, SLW, IAG, PAAS, SLV rose on 3 times its average volume, and GLD.
But others rose on less-than-average volume, something I would not have expected, as with: SSRI, HL, RIC and SGDM.
Or, on merely average volume, as with: PVG, CDE, ABX, AUY, RGLD and GDX.
Okay, this needs to be said: While is was great to see huge volume with SLV, and slightly greater volume in GLD, along with high volume moves in 7 of our miners; it is actually a cause to become cautious that large miners, like ABX and AUY only rose on average volume, and 4 others on less-than-average volume.
The right way to look at this is to move up your stops, to watch for a possible correction, so that you protect profits, and take them as necessary, in order to await another opportunity to get back in, at better prices… which can be somewhat risky in itself, in the event we don’t actually see a low-risk entry opportunity arise before they might relaunch yet higher!
If, that possibility scares you, you sell half, in order to reap profit, and leave half. Then, if we got an all-clear to redeploy, you buy back in with the half you took out.
O, and no reason to list those that closed at new highs on Friday, as they all did! Yahoo!
Don’t look now, but… it’s Monday morning at 6:52 am, and Gold is up $9 more, and Silver’s up another $.51 to $20.26!!! If this keeps up, Tuesday morning is going to be a good opening for our miners! 😉
Here’s to your accumulation of real wealth!
Harold F Crowell