Gold, gold
- you're making me old
Richard Russell
snippet
Dow Theory Letters
Feb 25, 2008
Extracted
from the Feb 22, 2008 edition of Richard's Remarks
"Gold, gold -- you're
making me old."
That was my old refrain as we lived through correction after
correction in the early stages of a gold bull market that never
seemed clear or easy. But that has changed. Over recent years
it's become obvious that gold is in a powerful bull market. And
all our earlier worries and anxieties now appear to have been
worth it, as the power of the great bull market becomes evident
and indisputable.
The chart below traces the
more recent path of gold as it advances, consolidates, corrects,
and then advances again. The most recent move is a breakout on
the P&F chart to the 955 box.
Clearly gold is now flirting
with the big number, and I'm talking about one thousand. To climb
over one thousand and stay above one thousand will not be easy,
but if or when it happens it will mark an historic occasion for
real money.
The upside "count"
for gold, based on the recent P&F breakout -- is 1125.
Question -- Russell, do you think gold can
make it above one thousand?
Answer -- I do. I also believe that if gold can break
out above one thousand and remains stubbornly above one thousand,
it's next long-term target will be two thousand.
lots more follows for subscribers...
written Feb 22, 2008
Richard Russell
website: Dow
Theory Letters
email: Dow Theory Letters
Russell Archives
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