Gold: What took it so long?
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...
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.
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).