What a day… it opened down. It went up. It came back. It closed down a tiny bit… it’s now trading up overseas this evening! At one point, I thought it was going to take off. Anyway, prices doing what they did, I expect volume to be at least average, or maybe even better. So, let’s do some chart reading…
We start with those that went down today, and on average volume: PAAS, RGLD, SGDM.
I can see some that lost value on larger-than-average volume: HL, SSRI and SLW.
These fell on light volume: SILJ, GDX, CDE.
Then, we’ve got those that went up on average volume: PVG, ABX.
And, some that rose on light volume: AG, SGDJ.
Even these that rose on better-than-average volume: FSM.
Gold (GLD) has fallen even lower under the last price support it broke, and did so on average volume. Silver (SLV) was unchanged on light volume.
Volume was all over the place, as you can see, but the average for all of them was off by only 13%.
While gold continues its slide, the miners are NOT following suit. They’ve held up remarkably well, and have been basing since the Monday 11/14 low, which gold took out long ago, back on 11/18.
The metals are doing well this evening overseas, and Friday may be a good day… the miners are certainly expecting one sometime soon!
Here’s to your accumulation of real wealth!
Harold F Crowell