Interesting that the metals had a down day Tuesday, but that the miners rose… whatever could this mean? Let’s chart them all and take a look.

Since they’re all gainers… the miners, that is. Let’s start with those that went up today on light volume: PAAS, SILJ, RGLD, ABX, SGDM, AG, GDX.

We’ve got others that rose on better than average volume: HL.

Then, there are these that rose on average volume: CDE, FSM, PVG, SSRI and SLW.

Now, silver, SLV, declined on relatively light volume; as did gold, in the form of GLD.

So, what of the average volume for all 15? It declined by 21%. The metals fell, and the miners rose, but not on any particular conviction. When it does, the volume will reveal it. It will swell greatly. The Fed speak comes out tomorrow afternoon. Nothing out of the ordinary is expected, and a quarter point rate increase is a virtual lock.

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


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