The metals had a nice day. The miners did, too! Looks like everything was in the green. I’m going to guess that volume rose, and that it may have even approached the 50-day average, which it has been below for quite some time now. Let’s see if the charts confirm or deny.
Well, these rose, but on light volume: GLD, SGDJ, SLV, HL, GDX, PVG, RGLD, SGDM, SILJ, SLW, PAAS, FSM, SSRI, CDE and AG.
One gainer on big volume: ABX.
I blew that call. Volume was quite small, in fact, it was 18% off of the 50-day average. There was no great conviction accompanying today’s move. There is a clear chart pattern forming however, and it is a bullish one. It’s called a base upon a base. Prices based for about 2 weeks, as I had previously been saying, then more recently here, it rose just over 1 week ago, and has been basing once again, at this new, slightly higher price level. The longer this base drags out, as I said before, the better it will be. We’ll continue to hold, and to watch and wait.
All this market needs is some kind of catalyst to kick it off. It wants one, and is looking for one. And, if it should do anything different, we’ll call it right here!
Here’s to your accumulation of real wealth!
Harold F Crowell