Just logged on, and saw the spot prices for the metals. Big surprise! Haven’t been to my brokerage account site yet, BUT, I am confident that we have big gains in our miners.
Further, I DO want to chart everything and get a feel for the volume involved. Really big volume would likely be an indication that a large fear factor, in the light of world events, is very much in play.
So, first, the gains were outsized, really big. On average, 2.86% for all 16 symbols. Second, prices, by and large, were clearing near-term resistance levels, and on pretty big volume, too. Taking a look at all 16 as one, on an average, the volume increased from where it had been well below the 50-day average, to where it increased to 35% above the average. Going from numbers that were recently 30 and 40% below the average to, today, 35% above, is in no way insignificant. The flight to safety factor was in-play, no doubt.
Perhaps, of greater significance, is how many of these are showing price to be clearing 50, and/or, 200-day moving averages of their price. These are significant milestones. I’ve been on board somewhat, I am now looking for a follow-through that would signify the potentiality and greater probability of a significant rally taking off.
What is taking place is very constructive, but I don’t necessarily want a world war to be touched off, just so I can make some thousands of trading dollars in the precious metals… please say you are of a similar sentiment!
Here’s to your accumulation of real wealth!
Harold f Crowell