Loading ...This has turned out to be quite a fruitful day. Pretty sure no one saw this coming. The volume is on the lighter side but I suppose the volume can pick up as this rally progresses.
What I find very interesting is that there is more volume in Sprott’s fund PSLV than there is in SLV, and while the volume in SLV is below average, the volume in PSLV is heavy. I guess there are some smart players out there that know there’s no beef in SLV and want a fund that actually has the metal. Are they starting to take delivery in PSLV to cover the paper promises? Or do they just want to hold the phyzz?
So, I guess the battle lines are set at $3400 and $39, both looking to breach new highs.
The shares don’t have great volume either, but they sure have good price action. I think if the HUI busts through 440, it opens up a way to old highs.
Looks like the dollar might have failed to turn north and might just resume its downtrend. At least that’s what it looks like to me since it’s failed to sustain a move above the 50 dma.
It’s awful early in the week to get too bullish and silver is approaching a 70 RSI which always seems to mean a selloff. Gold isn’t too far behind with an RSI near 60. Nonetheless, I like to see them moving together. Gold has lagged silver since mid-May in a big way.
BTW, Bitcoin ended down. Maybe the Captain’s Bitcoin/GDX chart warrants a closer look.