I was away all day… and, I’m beat! When I got back this evening, I saw that the metals had retreated, and the mining shares did as well.
Now, as long as price support for the metals and miners is holding, this slight up and down movement used to be called backing-and-filling, though I haven’t heard the term in years now. It’s all a part of the basing process. Volume would likely be no more than average, I’m thinking… but, I’ll need to see the charts to get a better idea.
I see those that declined, actually, they all did, but on light volume in: GLD and SLV, GDX, RGLD, SGDJ, SLW, HL, SGDM, PAAS, SILJ, ABX, FSM, CDE and AG.
There are those that fell on average volume, like: PVG and SSRI.
Now, this gets interesting. The average volume for all was 23% lower than the 50-day average for them all. The volume was lighter on this Friday down-day than the too previous light volume up days. Friday’s down day was on even lighter volume. This is another positive sign.
Price support levels have held. Volume is drying up, and the price pattern of everything is going in a sort of dead-flat sideways, backing-and-filling, basing pattern. Typically, this is a situation from which we can usually expect a new rally to launch from out of. Of, course, it remains to be seen, but for all intents and purposes, we can still call this a bull market!
Here’s to your accumulation of real wealth!
Harold F Crowell