I look in on the metals after there 5:00 pm close, and see that gold and silver closed down. I check on my trading account, and I see most of our miners closed up! So, I’m going to look at all the charts, to see what’s what, but the first indication is a bullish one, if ever the metals are down, but most of the miners closer higher. Is it?
We’ve got gainers on average volume in: CDE and SGDM.
Gainers on light volume: HL, SSRI, AG, PVG, SLW, AUY, PAAS, RGLD, ABX, GDX, SLV and GLD.
Decliners on light volume: ASM, MUX, FSM and RIC.
Oh, and a gainer on big volume: IAG.
It’s obvious that the metals were slightly up by the stock close of 4:00 pm. The price decline in the metals I saw was after they closed at 5:00. The real point though, is that the average volume for everything on the day was down by 33%.
It had been another day of price consolidation, though we have new highs in CDE, SLW, AUY and IAG. Gold and silver have been in consolidation since Wednesday the 6th. It’s a very bullish development. If they don’t decline through price support, they will lift-off in a new rally. Just give them more time.
Tuesday morning the 19th, at 7:10 am EST. Gold’s held up just fine overnight, and is up a couple of dollars. This would still be well within a consolidation effort. When it runs, the price rise should be large, and the volume tremendous!
Checking in 11:40 am EST and it truly is more of the same. Metals prices are holding up okay, and the miners are both up and down. It is pure consolidation time, and that is a very good and bullish development; as long as it just stays on this track, as it has for the better part of 2 weeks now!
Here’s to your accumulation of real wealth!
Harold F Crowell