The Miners Are Up!
Let's take a look at some of our miners today. Here is Vista Gold (VGZ). Note that VGZ has made a strong breakout move to above the upper limit of the downward trough. It has yet to cross over the 5o day moving average, but seems to be making a strong move. It has moved up to 1.79 as of the last trade. The high was 1.96. Remember that we are in the early stages of the market for today, and that tomorrow is Friday when strange things often happen.
Next, let's take a look at Hecla Mining (HL). This is a particularly strong performance. Hecla, too, has broken out above the upper trough line. But, additionally, it is approaching the 50 day moving average. Were it to cross this, that would be technically very strong. Note, also, that the 50 day moving average crossed above the 200 moving average where indicated by the arrow head. HL last was 2.80 which is the high for the day.
Harmony Gold has also penetrated the upper trough line for the second time in a few days. It is above the 50 day moving average. The last was 10.92 and the high for the day 10.93. I have a 3% trailing sell in for some of my shares.
The Gold Miners ETF (GDX) is has a graph similar to that of HMY, but lacks the earlier cross over the upper trend line by HMY. GDX has moved above the 50 day moving average, too. GDX last trade was at 39.15 which is the high for the day.
Over shadowing the precious metals is the high level of shorts by the bullion banks. However, it seems that they may be putting in place additional shorts. Thus, we must beware of the fact that they may be positioning themselves to drop the precious metals again to allow them to cover their shorts and defraud us again. Remember we have only intervention and not a free market in precious metals.
The Daily Pfennig, today, reported: 1- That Obama had approved an increase in Special Drawing Rights by the IMF. This is what the BRIC nations wanted when they met recently. China has been pushing for this all through this month. 2- The IMF is increasing 10X the amount of SDRs available.
The result of this action could well be that China will convert dollars to these SDRs. That would be a major step in replacing the dollar with another reserve currency. This would be particularly bad news for the dollar purchasing power.
Gold is up to 938.60 and silver to 14.01. The DOW is up about 60.
I am going to close this now, because I wanted to alert you to the important moves in our miners and my initiation of trading, once again. This is a report of my action which may or may not be the correct thing for you to do. Study these graphs and other sources, then carefully make your own decisions.
Remember that our God is in control and He is working His will in everything to His glory and for the good of His people. We can rest comfortably in this.
Best to each, Doug
Next, let's take a look at Hecla Mining (HL). This is a particularly strong performance. Hecla, too, has broken out above the upper trough line. But, additionally, it is approaching the 50 day moving average. Were it to cross this, that would be technically very strong. Note, also, that the 50 day moving average crossed above the 200 moving average where indicated by the arrow head. HL last was 2.80 which is the high for the day.
Harmony Gold has also penetrated the upper trough line for the second time in a few days. It is above the 50 day moving average. The last was 10.92 and the high for the day 10.93. I have a 3% trailing sell in for some of my shares.
The Gold Miners ETF (GDX) is has a graph similar to that of HMY, but lacks the earlier cross over the upper trend line by HMY. GDX has moved above the 50 day moving average, too. GDX last trade was at 39.15 which is the high for the day.
Over shadowing the precious metals is the high level of shorts by the bullion banks. However, it seems that they may be putting in place additional shorts. Thus, we must beware of the fact that they may be positioning themselves to drop the precious metals again to allow them to cover their shorts and defraud us again. Remember we have only intervention and not a free market in precious metals.The Daily Pfennig, today, reported: 1- That Obama had approved an increase in Special Drawing Rights by the IMF. This is what the BRIC nations wanted when they met recently. China has been pushing for this all through this month. 2- The IMF is increasing 10X the amount of SDRs available.
The result of this action could well be that China will convert dollars to these SDRs. That would be a major step in replacing the dollar with another reserve currency. This would be particularly bad news for the dollar purchasing power.
Gold is up to 938.60 and silver to 14.01. The DOW is up about 60.
I am going to close this now, because I wanted to alert you to the important moves in our miners and my initiation of trading, once again. This is a report of my action which may or may not be the correct thing for you to do. Study these graphs and other sources, then carefully make your own decisions.
Remember that our God is in control and He is working His will in everything to His glory and for the good of His people. We can rest comfortably in this.
Best to each, Doug
posted by Doug @ 8:43 AM
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