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Patience and er -- faith

Richard Russell snippet
Dow Theory Letters
April 21, 2005

Extracted from the April 20, 2005 edition of Richard's Remarks

Gold -- It's not generally known or appreciated, but the 200-day moving average of gold turned up in December 2001 at a price of 304 -- and it has been climbing ever since. As of today the 200-day MA for (June) gold stands at a new post-2001 high of 427.

-- the bull trend of gold is very clearly still intact.

Prediction -- The gold bull market will end up as ALL bull markets do -- in an upside explosion that you won't believe!

One more tidbit -- How much does the public love gold? Central Gold Trust of Canada is now selling at a 4.5% DISCOUNT from its actual gold holdings. That will change, count on it. But right now for those of us who are still buying gold (me), it's good!

Gold looking good, but gold shares still being dragged down by a rotten stock market. That will change, and in due time the gold shares will go with gold.

The current action makes the gold shares look like bargains. But I personally continue to buy the metal.

But I still hold a load of the gold shares.

Patience and er -- faith.

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Richard Russell
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