Well, Tuesday went well, and Wednesday didn’t bring any pain. We need to examine the charts, and take note of just where things are at. It’s been quite an experience since the lows of 12/15 thru 23. Talk to me charts… do you have anything to divulge?
We’ve got a mixed bag, with some up and some down. The metals lost a smidge today.
I’m first looking at those that declined in price on light volume. See: PVG, CDE, GDX, RGLD.
I’ve got those that rose in price on average volume, as with: SILJ, AG, SGDM, ABX, SSRI, FSM.
Other gainers rose on goodly volume. See: PAAS.
SLW went unchanged in price, and did so on light volume. Some that rose on light volume were: HL.
Silver as SLV, and gold as GLD, both fell in price, and on average volume.
My best guess is that volume was near to average Wednesday. But, a look in on it shows that it was actually off the 50-day average by 20%. For the nice day that Tuesday was, it was up by 15% over its 50-day average.
This has been the ‘Silent Rally’, so far. Prices have staged a pretty decent recovery, but not with any serious commitment on the part of traders. Our day will come.
Here’s to your accumulation of real wealth!
Harold F Crowell