Metals and miners had a real nice day today! ‘Bout time! I’m not going to try to guess the volume, or whether the market is turning yet… let’s just go to the charts, and see if they have anything to tell us. First of all, the metals rose, but the miners fairly exploded! That’s a very positive sign.
So, gold rose. GLD went up today, but on very light volume. A look at silver, as SLV, did the very same… so, what was with our miners then?
These rose on light volume, as well: PAAS, ABX, RGLD, PVG, GDX, CDE, FSM, AG, SSRI and SLW.
The lift-off on big volume did happen with these: SGDM.
We’ve got gainers, on average volume here: SILJ, HL.
So, while the gains looked good, the volume was pitiful. Average volume for all 15 symbols was off the 50-day average by 30%. It was nice to see what they did, but without some serious conviction behind it, there’s no need for any unnecessary excitement… yet!
Here’s to your accumulation of real wealth!
Harold F Crowell