Gold: What took it so long?

Richard Russell snippet
Dow Theory Letters
Dec 27, 2007

Extracted from the Dec 26, 2007 edition of Richard's Remarks

Up and Out -- For gold I'm using GLD because it tracks gold all day long while $gold is only plotted on StocksCharts after the close.

GLD has formed the triangle you see below, and as I stated previously, I thought this was a "continuation" triangle, in other words, a consolidation pattern in a rising trend.

Today (Wednesday) was a gala day for gold since GLD surged clear out of its triangle. The next step would be a try for a new gold high, which would entail roughly another twenty dollars on the upside.

Gold is now advancing against all fiat paper. The only question really is -- what took it so long?

lots more follows for subscribers...

Dec 26, 2007
Richard Russell
website: Dow Theory Letters
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