Well, gold was up today, silver was off a bit. Gold and silver are now both up overseas, as of a little after 9:00 pm EST. Yet, the miners didn’t have such a good outing today… go figure.
At some point, I’m tellin’ ya, the metals can’t just keep going up, and not get noticed. At some point, either they’re going to tail off, or the miners are going to start to catch a bid, and a real rally is going to ensue! It’ll be one or the other. It has to! Let’s take a look at how the 15 symbols fared in their trading Wednesday.
Since all, but gold, in GLD, declined, let’s note the volume, and start with those that went down on average volume: PVG, SILJ, CDE, SGDM, AG, GDX, SLW.
Some fell on light volume: PAAS, FSM, RGLD, SLV, HL.
These also declined on heavier than average volume: ABX, SSRI.
GLD rose on average volume. And, the average volume for all together… was it also average? A check on that shows that it was light by almost 10%. So, no rally. No serious volume. Nuthin’! We’ll just keep watching and waiting.
Somewhere, out there, in the future. We’ll see some real action. Gold and silver, are either going to retrace this recent rise, that is now almost a month old, or this run-up is going to finally be noticed, and the miners will commence to rally. Since we’re looking in every day, we should catch it, whatever it is going to be… and when a rally truly does ignite, we hope to get right on board with it!
I just noticed, and I should add, that GLD and SLV are at points of price resistance, where both are bumping up against their down-trending 50-day moving averages. This might be an inflection point…..
Here’s to your accumulation of real wealth!
Harold F Crowell