Metals ended up closing down for the day, when earlier it had been looking stronger. Gold and silver were both off some, but among our miners, I see as much green as I do red in my trading account. That ought to be a positive and a plus. Let’s see if the charts say anything different… and, the volume? I’d expect it to be right around average for Thursday.
There are those that rose today, and volume was large, like: CDE and IAG.
Others, rose, but on something around average volume, like: HL, ASM, PVG, AG, SLW and RIC.
We’ve decliners on something like average volume, as with: MUX, AUY, ABX and SLV.
But others only fell on light volume, like: FSM, SSRI, SGDM, GDX and GLD.
Then, the risers on light volume: RGLD and PAAS.
What’s the take away from today’s price action? With metals off a little bit, and the miners split, half up and half down, all on an average of 17% lower volume. It was a quiet day of ‘marking time’, but it is in no way to be considered as any kind of a threat to the Bull Market. It’s healthy, catching a breath, and at some point in time, is almost certainly going to head even higher. You’ll see.
O, and we had new highs, while the metals had fallen off some… that is a very bullish sign in itself. See: CDE, HL, IAG, SLW and RIC, as 5 such examples.
6:30 am EST and the metals are both down, but only a very little amount… not enough, at this time, to be of any hurt. It’s a Bull Market, ya know!
Minutes before the open, a slow growth economic report has pretty much put a stake thru the heart of any interest rate increases any time soon… meaning loose monetary policy will prevail, and metals prices go higher. They immediately spiked on that news!
Here’s to your accumulation of real wealth!
Harold F Crowell