Well, I’ve not checked volume yet, but based on the move in metals, and especially with our miners, 2 gained by double-digit %! I’m thinking this was likely the real deal, and I should know by the end of this post, after examining all the charts. Ya ready?
The turn actually took place back on the 15th of December. But, we’ve been waiting for any sign of serious commitment on the part of investors and traders, which would only show up with volume… and that just hasn’t been happening. I did note that volume had been increasing, but not in a manner to suggest that a real rally was kicking off. Perhaps today was that day.
Everything went up, so how many rose on fat volume like: PVG, CDE, SILJ, AG, SGDM, FSM, GDX, ABX, SSRI, SLW, RGLD.
Well, these look to have done so on more like average volume: PAAS, GLD.
Silver, as SLV, rose, but on light volume! As did HL.
The moment of truth… average volume for all 15 was up by 42% over the 50-day average. That’s good, but it’s not the kind of convincer one would hope for. 50% would have been a bare minimum, and a 100% increase would have been a real convincer. But, 42% more is what we got, and it says, as I have been recommending… get some shares, but keep tight stops. This isn’t showing much by way of those positive signs that really help to seal the deal.. not yet anyway.
Here’s to your accumulation of real wealth!
Harold F Crowell