Chris writes me during the day to bring my attention to the share prices. I checked the metals prices first, and then the share prices… and, as he was asking me… I was also wondering… What’s this about?
Maybe you saw it, too? The metals prices did just fine. They barely moved. But, the miners didn’t fare too very well at all. We’ve seen this before, and it didn’t mean anything then, but we need to go to the charts for their story.
Now, GLD rose a bit, on very light volume. SLV did, too. As did ABX and CDE.
But, our other miners, like I said, they didn’t fare as well. Declining on light volume, we have: HL, SGDJ, PVG, GDX, RGLD, SGDM, SLW, SILJ, FSM and SSRI.
PAAS fell on average volume, and is approaching its level of support. AG is now at its previous level of support, and it’s been a long-standing target of a Canadian short-selling firm, which is wanting to kill it, if they can.
Average volume for all was 29% below the 50-day average… very light.
What to make of it all? It’s this: Worst case scenario, the second base is slipping away, and may be falling into its previous first base, but the level of price support established back on 10/6+7 is strong, and I would surely hope that it would hold.
It’s a bull market, until it isn’t… and, right now, it’s still in a corrective, and now, consolidative phase. We just continue to watch and to wait.
Here’s to your accumulation of real wealth!
Harold F Crowell