Metals hardly moved. Gold up slightly, and silver off a bit. But, again, today, the miners took quite a beating! What’s with that? If it’s getting serious, and it’s getting ugly, volume will rise. Thursday’s volume was right at average, Today would likely be greater… none of it should exceed Wednesday’s, and the price declines of Thursday, and Friday, should not take out the recent lows. I’d better start charting now, because I am beginning to scare myself!
Ok, so, with the first chart, I see price is not challenging its recent low, and volume really dried up today. How many more like RGLD will I find? There’s SLW, PVG, HL, SGDJ, SLV, SGDM, SILJ, CDE, PAAS, GDX, SSRI, ABX and FSM.
GLD gained a little, but on light volume. Someone is still pulling AG’s chain, but still, volume was lighter. The price, however, has come all the way back to previous support.
The average volume for all 16 issues today was off by 24% from the 50-day average. Between the lower, not greater, volume, and the price containment within recent price support, the Bull should be considered firmly intact, and we should be looking for that confirmation follow-through type day I recently wrote about. And, ideally, when would we like to see that? One day, Tuesday thru Friday next week. A big pop, on big volume, like last Wednesday! Watch for it! If we get that, it would okay to LOAD UP!!!
Sunday nite, and some markets have opened. The dollar started heading down hill, and gold immediately started to rise. Silver only added .02, but that’s the right direction. The very best Bull Market scenario would still be to see another goodly pop in the prices on big volume in this week, preferably after Monday!
Here’s to your accumulation of real wealth!
Harold F Crowell