Just how oversold can an asset class get? So, gold declined and silver rose, as of the stock market close Tuesday. What else happened?

GLD declined on light volume, as did the following miners: PAAS, CDE, FSM and SLW.

SLV closed higher, but had taken out its recent lows, all on average volume. PVG made a similar move, as did AG, but it did so on fairly large volume.

RGLD closed lower, and has also taken out its recent lows in the process of doing so. SSRI did, too.

ABX hung in there, closing up on light volume, as did GDX.

SGDM rose, and on big volume, too.

HL fell on big volume. SILJ did, too.

Prices and volume landed just about everywhere, and the average volume for all 15 was down by 16%. It was a no conviction kind of day, and still awaits any good reason to rally. There’s been none of late.

Creating a chart as an average of all 15 being as 1, the price has retreated all the way back to that place where I first saw it breaking out, back on Friday April 8! In other words, all the bull rally I had followed, has now been given back. Will Wednesday have anything for us?

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


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