Put this to music...Richard Russell
'snippet'
Gold -- I note that many gold "experts" are claiming that they saw the gold correction coming, and that it has even further to go. All sorts and varieties of proofs are offered. Personally, I'm not interested in their crystal balls. What I want to do and have been doing all along is accumulating gold in terms of ounces. I'm convinced that gold is cheap here -- dirt cheap compared with the oceans of fiat paper floating around the world. Looking at the chart of GLD (this is the ETF which I use as a proxy for gold) no real damage has been done. GLD has dropped five boxes to the 63 level, it is still above its ascending bullish trendline. Gold is simply a better buy now than it was a month ago. Those are my thoughts on the gold action. My other thought on gold is that my gold position is not for sale. I'm a systematic buyer, not a panic-stricken seller. TODAY'S MARKET ACTION -- Precious metals doing "work" but not breaking down. Put this to music -- "Give real money a chance." lots more follows for subscribers...
© Copyright 1958-2014 Dow Theory Letters, Inc. Richard Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business. He
offers a TRIAL (two consecutive up-to-date issues) for $1.00 (same price that was
originally charged in 1958). Trials, please one time only. Mail
your $1.00 check to: Dow Theory Letters, PO Box 1759, La Jolla,
CA 92038 (annual cost of a subscription is $300, tax deductible
if ordered through your business). |