Richard Russell must be another pagan golden calf cowboy
funny how since abandonment of the Bretton Woods Agreement, the world financial markets have increasingly taken on the appearance of an yoyo pendulum with widening swing, where derivative gearing has placed countless bombs throughout the basements of the nation's banks and multi-national corporations
enjoy I guess I am in good company you may be too biased or blind to notice, but others on your thread might like to investigate the best performing sector in 4Q01, 1Q02, 2Q02
2003 will be all about gold, silver, oil, natgas all in serious shortage with gold transitioning into an "investment class", which you consistently overlook, despite your genius the error many make on Gold is to consider it in DeMonetized form like any other commodity, like a railcar load of copper ore, like a silo full of grain, like a tanker full of crude oil, like a truck load of lumber, or a barrel full of hops not so, not so at all the rise in gold since spring2001 owes to the near zero real rates of return in shorterm treasurys, presaging the decline in the dollar in spring2001 gold emerged as a competitor to currencies !!! now commodities generally are moving and outperforming the paper-based securities left & right as the Japanese, Germans, Americans fight deflation and debt collapse, they will simultaneously debase their currencies, which will provide upward impetus to gold, the historical foundation money form, which just happens to be devoid of debt, an important distinction ignored by the supposed cognoscenti
good luck to you / jim
Russell: GOLD - I'm going to start this Letter with two very important charts. The first is a Point & Figure chart of gold going back to 1999. What I want to point to is this huge "head-and-shoulders" bottom formation. This is not just any old formation; it's a HUGE formation. As I see it, this is a picture of accumulation. It's a picture of patience, of watchful waiting. At what point would this chart turn clearly bullish? It would turn bullish if or when gold breaks out above 330.
When might that happen? Frankly, I don't know nor does anyone else know. But the accumulation is there; the base formation is there. The chart is "telling us" that somewhere ahead gold is going to move up and break out above 330. In the meantime, it's accumulation time for gold and gold shares.
Gold and the S&P - Here's the secret that the anti-gold crowd doesn't want you to know about. It's a monthly chart showing gold divided by the S&P. In September 2000 this ratio turned up in favor of gold. In August 2001 the ratio broke up above its 50-month moving average. The chart is telling us that gold, the metal, has outperformed stocks (the S&P) for the last two years. And as you can see on the chart, this situation is accelerating.
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