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
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