It’s a joke, of course! While gold backed off some, and silver advanced a little… the miners actually did alright, with a large number of them attaining unto new highs. What this would seem to be saying, to my mind, is that there is an anticipation of higher metals prices ahead, and the miners are trying to factor that in. You just wouldn’t see the miners appreciating in value, while the metals themselves were not, if the belief were otherwise! That said, volume should actually be right around the average, I would think. Do the charts confirm or deny my opinion…
We have 19 votes to tally, and the first I see says it went up, and on big volume… these are: ASM, CDE, FSM, AG, SLW and SLV.
Those that did as I would have expected… advanced on average volume: MUX, SSRI, HL, RIC, IAG and RGLD.
There were light volume gainers, too: PVG, PAAS, SGDM and GDX.
Decliners on light or average volume: AUY, ABX and GLD.
The overall picture among these is simply a confirmation of the on-going Bull Market, as not a one of them acted in any sense in a denial of the Bull.
New highs? Boy, we got ’em! See ASM, MUX, SSRI, CDE, PVG, HL, FSM, AG, SLW, RIC, PAAS, IAG, RGLD, SGDM, GDX and SLV. Yeh, that’s right, 16 of the 19 symbols we’re tracking here, and 15 of the 17 we actually own! I don’t have SLV or GLD. It’s no stretch… we’re getting rich in the metals. This is still a young Bull Market of which few are still aware of, and even fewer are participating in. It’s going to heat up more over time, and volume is going to expand, as prices rise further in the future.
And, make no mistake… as this market should start to get frothy, volatility will begin to pick up. The fact that it hasn’t yet, is actually a sure sign that this Bull is still very young.
7:40 am EST Tuesday and gold is off $7, silver down 3 cents. Let’s see how our miners like that later. Stocks are looking to open higher, and touched upon, and may look to close at new all-time highs today. I’ve read of some calling for a possible stock ‘melt up’. If that should happen, expect some money to be drawn out of metals.
Here’s to your accumulation of real wealth!
Harold F Crowell