I spoke before an investor group for the better part of an hour and a half Thursday evening about these stocks. Today was truly impressive. The metals declined considerably from Wednesday’s close, and as I look in on price late Thursday night, as of 10:00 pm EST, I see the metals off some more since the 4 pm close… yet, 6 of our miners rose in price today! I can’t help, but think that must be positively bullish! What will the charts say?
The first I see rose in price, and on less than average volume… ASM, SLW and PAAS.
I’ve got risers on better than average volume in CDE, AG and ABX.
Since most lost some value, there are those losers that fell on light volume, like: MUX, HL, PVG, FSM, RIC, AUY, RGLD and GDX.
Others fell on at least average, or slightly greater volume, as did: SSRI, SGDM, IAG, SLV and GLD.
Will you look at that? Six that rose on such a down day in the metals prices… 8 declined on light volume, and none did so on any truly great volume spike. The average volume among them all was less by 17%. All-in-all, this could only be construed as having been a remarkably bullish day in the mining stocks, that they should fare so well in the face of the price hit the metals took. What will Friday bring?
Here’s to your accumulation of real wealth!
Harold F Crowell