Tuesday, May 23, 8:13 am EST. I’ve been ill, which has slowed me up some. The metals had a nice day Monday, and all of the miners responded accordingly. Has the volume arrived? Do traders and investors think there’s a future in it? Let’s see!
We put in a low back on Thursday 5/4. We rose consistently right into last Thursday, the 18th, when metals hit a buzzsaw. They’ve been in something of a recovery mode Friday, and yesterday. So, how healthy is this recovery looking?
The recovery in both gold and silver prices has been far better than that of the recovery in the prices of the miners. And, incredibly, volume is drying right up! It was off 41% from the 50-day average, and considerably lower than Friday’s volume. This is NOT looking good. In fact, it’s beginning to look pitiful. Further erosion of this nature, and I would expect prices to fall away further soon. I’m leery and cautious.