The metals closed up. The miners were having a good day, and they mostly closed lower. That’s some profit-taking, for sure! If the metals prices withstand it, the miners will be back quickly! My guess would be that since they were up a decent amount early on, and then got sold like they did, that volume was higher than average, but should NOT be higher than yesterday. That would be pretty important to our thesis here. So, charts… talk to me!
And, in that vein… we’ve got decliners on big volume, but not bigger than Wednesday, in: RGLD and ABX.
These fell on average volume, but less than Wednesday: SLW, PVG, SILJ, CDE, GDX and PAAS.
Light volume decliners: SGDJ, SGDM, SSRI, FSM.
Well, there’s gainers on average volume: HL and SLV.
And GLD rose on big volume!
Only AG declined on bigger volume than it rose on Wednesday.
Total average volume for all 16? Just 2% greater than average, when, if you’ll recall, Wednesday’s was 70% greater! I see no danger here. The metals were up. They’re even up a bit higher as I write, and the miners were sold off in classic profit-taking, on relatively light volume. As I said, if the metals continue to shine, the miners will be back quickly. They will be providing their own buying opportunity for those who didn’t get in before the blast-off!
We are in high cotton and sittin’ pretty.
Here’s to your accumulation of real wealth!
Harold F Crowell