The metals barely moved, but the miners were unusually popular Monday. What’s going on? I don’t know, but I’ll take it! The trading account was largely in the green, many miners advanced… some a good bit. Was there volume? My guess would be, based upon the price action, that for many, it would have been more like average, and not the deadness we saw last week. Will my opinion be borne out, or will another sentiment prevail?
Those that rose, but on light volume were: CDE, AG, MUX, SLW, ASM, SSRI, PAAS, SGDM, RGLD, ABX, AUY, GDX and SLV.
We’ve got MONSTER volume in: FSM. Better than average volume with this gainer: IAG.
Those that rose on average volume were: HL.
We’ve losers, too, but on light volume, as with: PVG, RIC and GLD.
I was mistaken. The volume today was also DEAD. The average volume for all of them was down by 32%. It was dead….
It made for an interesting ho-hum day, where the metals moved very little, but the miners had a good outing… but, on light volume. It says that regardless of today’s lackluster metals price moves, there is interest in accumulating more shares of the miners. It’s clearly a Bull Market! We’ve 2 new highs in: FSM and HL, each ahead 116% and 130%, respectively, 4 months to the day!
The current price support level is clearly the price lows seen Wednesday, July 20, and especially Monday, July 25. Watch those, and use that level as your price stop to consider selling and taking profits, which are very good, if you’ve been a buyer. I managed to call the low-risk entry points of Friday, April 8; the period around the end of May and early June; and more recently here, when I wasn’t too terribly aggressive, but did think Monday, July 25th was that most recent opportunity.
Here’s to your accumulation of real wealth!
Harold F Crowell