Wednesday, June 29, 2011
49ers hacking the Bears
7:08 am (Hawaii) If this were an NFL game, the 49ers (gold miners) would be stomping the Bears. NUGT is up 5.2% (29.70) on impressive volume. After trading 78K shares yesterday, NUGT has already traded 200K today, and it's only the halfway point. GDXJ is also up (2.8%) on solid volume, and same with GOLD and GDX.
Silver is also spiking this morning. AGQ is up 5.1% (164.95), though volume is sluggish throughout the silver sector. The sellers are sold out, or were, as of Monday-Tuesday, apparently. GPL (+4.6%), AG (+3.7%), PAAS (+3.4%) look nice on the surface, but again, volume is miniscule.
CU and COPX are gaining (3.5%) again, but volume is nothing special.
Rare earths are also up, but volume there is the same: middling. MCP is up 2.7%, possibly because of talk of a merger.
75% of my Metals list is green. Crude oil is rallying, the dollar is down and things appear to be "normal" for an upside day in metals. Even XG (+0.8%) and DGP (+1%) are up. How long the metals rally is a matter of how much the market believes QE3 is actually underway with the Fed buying Treasurys again. Can anybody eat tainted food without eventually keeling over?