Friday’s done. The metals did well, but the miners were mixed. Like Thursday, what was this all about?!?!? I’m sure I don’t know. But we’ll go to the charts and try to figure it out. In any case… metals can rise all they want, the miners will have to follow at some point, so I’m not yet concerned in the least. So, charts… what do you have to say for yourselves?
We begin with anything that gained, and did so on greater than average volume, as with: GLD.
Gainers on average volume, as with: SLV and ABX.
But other gainers did so on light volume: HL, GDX, PVG, SGDM, SLW, SSRI and AG.
Then, there are the strange decliners on a day when the metals were up, but on light volume: SGDJ, RGLD, SILJ, FSM and CDE.
This one declined on average volume: PAAS.
Wow, it makes little sense. The metals were up, and not by a small amount either. We had 6 to fall, while 10 rose. Volume appeared to be about all over the place. The average volume for all of them was down by 20%, so there was no real conviction behind anything, I suppose.
Price support is still in place and holding… We continue to watch and wait. Should metals prices continue to rise, the miners will certainly follow!
Here’s to your accumulation of real wealth!
Harold F Crowell