I see the metals closed off some… silver a good bit, actually. So, naturally, I would have assumed that our miners closed down as well, especially the silver miners. No such deal! Nearly every issue closed marginally higher. I mean fractionally higher. Whatever could this mean? My guess would be that traders don’t care so much what the metals did. They see that as a minor irritation that is going to go away quickly… they want shares of the miners! If, this is so, then volume should be at least as high as the recent average, as I would have expected considerable selling among these, but that there was still a stronger buying interest… hence some greater volume than there has been. Am I right? only the charts can tell, so let’s take a look at them all.
Hmmm, as I go to charting, there are more that closed down, in my program, than have on my brokerage site. That means, since the broker closes with some after-market pricing, that shares were traded up somewhat after the 4:00 pm close.
Closing slightly higher, and on average volume are: CDE, FSM, SLW, HL, PVG, SSRI and AG.
Others closed higher, but on lighter volume: SILJ and PAAS.
Then, closing lower, but on light volume: SGDJ, RGLD, SLV, GLD and ABX.
And, closing lower on average volume: SGDM and GDX.
Average volume for all 16 issues was only 5% below the 50-day volume average.
Silver, according to SLV, closed off 1.42%, yet no mining stock, that closed lower, lost anything near that much. The worst hit among our actual holdings, was GDX; off all of .56%! It’s obvious that whatever struck silver, did not hit its miners. This is an evidence of strong bull market sentiment. That volume was right at about average, also indicates that no fear was present, nor was anything like panic buying around either. Traders are relatively complacent, and expect more price upside, or they’d have certainly sold shares off! That silver and gold both closed down, but on light volume, is further evidence in the favor of the bull, too. Fascinating!
Metals are up Thursday morning, and by enough to probably matter at the open… if they hold. This is as of 6:10am EST.
Hahaha, and now near 9:00, the metals are nearly flat! Go figure!!!
Here’s to your accumulation of real wealth!
Harold F Crowell