Gold and silver did very well today. the miners had a good day, but frankly, I expected better… and, since we didn’t get that, I’m thinking it’s still not a bona fide rally even yet. A look in on the charts with volume will help to determine that.
We’ll start with issues that increased in price on average volume: PVG, PAAS, CDE, AG, SGDM, FSM, ABX, GDX, GLD.
Gainers on big volume were: SILJ.
Light volume gainers were: SSRI, SLW, HL, SLV and RGLD.
So, what was the average volume among all 15 issues? It was off all of 1% from the 50-day average of volume. What this would mean is that since we had such a goodly price move up, but on no more than simply average volume. This is not an acknowledged and confirmed rally in the metals and miners. It’s been rising since 12/15, and the move has been pretty decent, too… but, for all intents and purposes, it’s far from being important to many, and until it does, it can’t just keep going without either catching fire, or getting sold-off by those holding shares and dying to get out of them.
Here’s to your accumulation of real wealth!
Harold F Crowell