Checked Kitco prices first, and they were down a bit. Later overseas trading has them off just a tiny bit more. A look in on my miners with eOption shows a truly mixed bag, with some up, and others down, and the range, in terms of %s is all over the place, too! It’s mixed up. I’ll update the timer Thursday morning, but I’m anxious to see how quickly the indicators might be setting up. The effort to find new levels of support and to base is what is currently taking place, and that will likely take some time, but the indicators may line up rather quickly.

The real issue is all the hawkish talk here and in Europe about tightening, or no longer easing as much. Frankly, they’ve so painted themselves into a corner… that’s all it is; talk. As soon as they start actually raising, the already tepid and very slow economic expansion will cease, and there are actually plenty of good signs arising that a slowing is already taking place. They can’t raise. Our Friday employment report will be cheery… because there’s a presidential election you know, and the ‘establishment’ wants Hillary. I’ve a great report to share, but it’s loaded with charts, and I don’t think I can get them posted on here, so it’ll be a tough read without them. I would expect no unusual volume Wednesday, but with share prices everywhere, it could be interesting…

First up, are those issues that traded lower, and on big volume: GLD, SLV, PVG and AG.

We’ve others that traded up, also on big volume: RGLD and GDX.

Others declined, but on only average volume: SGDJ, SGDM, SLW, PAAS and SILJ.

Still more rose, but on light volume: HL, SSRI and CDE.

Finally, some that rose on average volume: ABX and FSM.

Like I said… they were all over the place! By and large, it was a down day, and the average volume for all of them was up by 29% over the 50-day average of volume. This would likely mean that those who had been burned, but didn’t get out before, or during, Tuesday’s hit, were licking wounds and selling Wednesday. I had seen prices considerably lower in the early part of the day, and they were those late sellers. The candlestick for a great many are of a bottoming and bullish nature. It’s possible that basing will commence around these levels.

The safest course, since the technical damage would likely require time to ‘heal’ is to wait for a new rally to commence, rather than to try to guess the bottom, and be an early buyer… that might be too early.

I updated the OEXpert 7 Timer, and there is NO question, but that after today or Friday, all of its indicators could be in place so as to give an all-out, low-risk entry signal. Let’s watch for that, and any subsequent turn up after that, having good price and volume impetus behind it.

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


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