Originally Posted by cswc1021
It seems the gold shares do not believe the gold weakness
Most of the grains didn't either. They went down intially and bounced right back. Platinum initially took a plunge with gold then bounced right back like nothing happened. But an hour later the Morgue must have said hey guys, Platinum is sticking out like a sore thumb. So then down it went to cover any visible tracks. At least it appears that 5 waves down this morning are complete in gold. Gold did close that gap at $1430 from Sunday's open. It also closed the gap-up this morning in GLD. An interesting turnaround. Curiously, GSR was <38 at the low point in gold at $1412 this morning.....hmmmm. Would have expected something around 38.4 or higher.
A lot of volume in the GDX/SPY ratio. Much more than the "peak" of 4 days ago....and as high as anything seen in the past 9 months. But this can change as the day wears on. If GDX were down lower today this would already be very bearish. But it's up and for now apparently bullish. This is similar to the spikes following the August and January bottoms. Interesting also the huge GDX volume in the last 15 min yesterday, the highest in two weeks of any 15 min. period. As someone already mentioned it wasn't thrown out with the ferocity that GLD was this morning. Let's see how GDX finishes out the day. A lot of mining shares changing hands one way or the other compared to the SPY.