Tuesday, 8:08 am EST. Yesterday, my Benz broke, and I am a DIY type of guy. I got into it, was totally blown away by the ‘stupid’ engineering and hideous, unnecessary complexity behind the stuff that quit working; diagnosed the whole problem, removed the offending item, and found a replacement on-line. It’d been over $1,000 at the dealership… I hope to be done with it for under $100!!! Awaiting the part now. Installation should be a snap.
‘Nuff about me. You don’t care… what happened Monday??? I see gold fell a good bit, and the miners got slapped. What about support levels??? I’ve expected near-term support would fail. Did it? To the charts…
First off, in GLD, that nearest-term support is holding up MAGNIFICENTLY! What about silver, SLV, and the other 14 symbols for miners, mining ETFs and royalty firms?
SLV is now AT its previous March support level, and has held. Note that’s 11 straight down days in price for silver. Truly extraordinary; I’m certain! A bounce, at the very least, must now be due, I’ll bet.
Miners? Remarkably, support for nearly every one has held up well… very well. Let’s see what’s coming our way. Will this support hold, and a rally ensue? Well, first I must update my timer, in order to develop a better feel for this market. But, as we go nowhere, or settle out to these price support levels, risk is coming out; and at some point, will be virtually gone. At which point in time, we’ll be looking for a new lift-off!
8:41 am EST. Our metals markets have opened lower. If nothing changes, support could be broken today. The nearest-term would have failed, but I have rather expected it would. It’s the March lows that I am far more concerned with, and would hope they hold…. We’ll see. Back after the close.
Ever the optimist, I am!