Now, the metals rose, but not by any great amount. However, the miners did! This should mean something, I would think. Also, I noted that my blog page views had been plummeting, yet today, they rocketed up to more than they had been. That’s also a surprise. Because of the % amount the miners moved, I’m going to guess that volume was quite good… average, or, dare I predict, better than average. So, lets look at every chart. They’ll tell me…
Well these rose, but the volume was still light: GLD, HL, PVG, SLV, SGDJ, RGLD, PAAS, SGDM, SILJ, FSM, SSRI and CDE.
These rose, too, but the volume was only average: GDX, SLW, ABX and AG.
I was flat-out wrong! Volume was light; 11% below average. A lot of the miners were well below that, but the large cap issues of GDX, SLW and ABX were all about average, and so they lifted the average for all 16… while those I said were light, were very light. However, half actually lifted above the 2-week-long base they’d been making today on that light volume.
It’s still a bullish scenario, but now we have this matter… the miners lifted rather well. Their average gain today was nearly 3%; considerably better than the metals themselves… but their lift-off was not on any big volume at all. Half lifted out of their base, but the other half did not. In the real short-term, this is not good. The action is disappointing, and if it doesn’t correct itself speedily, these 8 that lifted will be right back in their base quickly.
In order for the miners to launch a new rally, the metals must give them the go, and the volume must expand greatly. Nothing like that has happened yet, so we continue to watch and we wait.
Here’s to your accumulation of real wealth!
Harold F Crowell