I’d say the metals and miners are factoring in an interest rate increase on Wednesday. For that reason, whether we get one, or we don’t, I’m feeling confident there will be a relief rally to immediately follow any news at 2:00 pm EST. The timer is setting back up. It doesn’t matter which indicator… they’re either there, or getting close to getting back there, and could possibly all be in place in a few more days.

I’ll check the charts, but I’m thinking it will pay to start putting shopping lists together, and planning your buy orders over the weekend. And, if we get price support breaks before the news, and prices fall on volume… I’d definitely step-up into that, and grab some shares… Really! I think I see a great opportunity opening up before us.

We’ve got decliners on big volume in: SLW, RGLD, GLD, HL, PAAS, PVG, FSM, SSRI, ABX and AG.

A gainer on big volume in: CDE.

Those that fell on light volume were: SGDJ, SILJ, SLV and SGDM.

And, one decliner on average volume: GDX.

Average volume for all was obviously bigger. Big enough that we might call it capitulation? It was 95% higher than the 50-day average volume for these 16 symbols. That just might qualify as capitulation volume, and would be a huge plus for our low-risk entry case!

These are at the price support line I had drawn for them awhile back: CDE, GLD, HL, PAAS, FSM and AG.

I think we’re on the cusp of a great opportunity. I don’t know if it will get better, but I would think the actual trigger will be the Fed interest rate report at 2:00 on Wednesday. I’ll write some more this weekend… like what issues are probably the very best buys, even though I intend to stick with the ones I have. I might add something else, but I won’t make any such decision as that until after I’ve looked at everything. But, I’m telling you, I really believe we need to get ready!

Here’s to your accumulation of real wealth!
Harold F Crowell

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3 thoughts on “Gettin’ Close!

  1. Harold, the larger volume could be in part due to the quadruple witching hour that occurred Friday. All the options expiring tend to do that.

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  2. Doesn’t mean miners were not seeing extra volume, but that factor does need to be included. Other than the 400,000 shorts from the professionals on gold, I would be thinking miners (and gold) are doing well; getting near putting in a bottom like you said.

    Dave

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