Well, today worked out real nice after all! Looking at the metals, they had risen well before the market’s open. And, then, looking at the miners, they had a real nice day as well. I would be pretty sure that volume had been good today, too… or, I’d be pretty disappointed if it wasn’t! So, I must see the charts so as to make a determination. Let’s check the charts…
Let’s start with big upward moves on goodly volume, as happened with: SLV, GLD, SGDJ, ABX, SGDM.
Others also rose, but not on particularly robust volume, as with: HL.
We have these rising on at least average volume: PVG, GDX, FSM, RGLD, SSRI, SILJ, SLW, PAAS, CDE, AG.
Understand, that to have even average volume is considerably better than what we had been seeing of late. So, what of the average volume for all 16? The average volume was up 13% over the 50-day average of volume, which is pretty good, since that was actually up far more than what it had been nearly every day of the past 3 weeks, or so.
Now, in order for this move to show it’s real, and has some chops to it, it needs to follow through, as volume needs to build more, and there are some areas of overhead resistance that really need to be overcome.
But, this is a start, and anyone can be a buyer here, but to put some tight stops under your purchases, just in case!
Here’s to your accumulation of real wealth!
Harold F Crowell