My, my, my… gold off $11 and change. Silver down another $.45. There are actually a lot of people in this world that believe that rates can be raised, and that the economy won’t feel a thing. Well, just let them try it. It won’t last long.
Let’s see; metals down. Check. The miners are all off. Some a little; some a lot. Check. What was the volume? Was it like massively huge? Did we get a panic sell-off to nail a bottom down? Don’t know, but it’s now time to find out…
Hmmmm, decliners on BIG volume: GLD, SLV, RGLD, GDX and AG.
Well, these dropped on light volume: SGDM, HL, SGDJ, CDE and SSRI.
Others on just average volume: SLW, PAAS, ABX, PVG and FSM.
Average volume for all was only 28% greater than the 50-day average, and nothing like Tuesday’s, but identical to Wednesday’s 29% increase.
No sure evidence of any kind of a final panic sell-off yet. Wonder what the OEXpert 7 will have to say? I’ll input the data next.
The timer would only need 1 more day to put all of its indicators back to re-signaling a low-risk entry into metals and miners.
Here’s a total FWIW. The jobs report is fantastic tomorrow. Rates will certainly be raised, and an incredible full-on panic sale of metals and miners seals the bottom… Or, the jobs report disappoints, and the idea that rates will be raised gets all shot to pieces, and can’t be raised, and thereby kicks off a whole new rally in the metals and miners. Anyone want to place any bets?
My first guess would be that the numbers are juiced, to give the impression that the economy is just great, and to help Hillary get elected. That’s my story, and I’m stickin’ to it!
Here’s to your accumulation of real wealth!
Harold F Crowell