Yes, I see that the metals had a tough day, and that the miners declined, but it still doesn’t look like they have been killed. Until I study the charts, I don’t know whether they are still holding the Monday 11/14 support, or not. So, let’s take a look!

We start with decliners on light volume, as with: PAAS, RGLD, SLV, SILJ, AG, GDX, SSRI, CDE, FSM and SLW.

As well as those that fell on average volume, as with: PVG, SGDM.

And, others on big volume, as with: HL, ABX, SGDJ.

Average volume for all 16 was only 5% below the 50-day moving average.

GLD has now broken the 2/5 support level I had been writing of… yikes!

Now, get this! Though gold has fallen further, and even whatever support the closing of the 2/5 gap may have been, that has now been broken… BUT, none of the miners, and I mean none of them, have even fallen through the Monday 11/14 support level they have established. This is truly a phenomenon! And, it is a bullish sign. Hang in there… wait. Unless the miners fall out of bed, they are saying that the metal’s decline is not yet meaningful, and they have not lost hope!

__________________

Amazingly, as of 9:13 pm EST, the metals are lower still overseas… I don’t know how the miners can stand up under it. Let’s see what Thursday will bring, but I fear the miners will have to break, if the metals don’t reverse very soon!

Here’s to your accumulation of real wealth!
Harold F Crowell

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