Very Interesting day in the Precious Metals
Lets start with the easy stuff.
Gold got whacked early this morning, but the bulls kicked it in gear to post a modest gain on the day.
Gold remains range bound. Although the LOW of the session came in a $1212.10 per ounce, the low did not violate the previous low of $1208.40 per ounce posted August 26th.
Now for the things that test Homer's mind.
Unlike gold, SILVER did break the prior low of $26.29 per ounce posted on August 25th, in today's session with a LOW of $25.99 per ounce.
Yes it is interesting Jack. Makes one ponder whether even lower prices are in the offing.
And now for something even more interesting.
The MINERS posted a loss on the day. GDX was down 28 cents per share (-0.69%). But the thing that caught old Homer's eyes and made him say HMMMM, is the fact that GDX broke its prior low of $39.60 posted on August 25th with a daily LOW of $39.29.
Now all of this could just be related to the fact that yesterday was a holiday and everyone who bothered to show up was a little blurry or it could be a sign of things to come.
CAUTION remains the word of the day.
Peace out and Stack On!