“Gold is undergoing its fifth correction since 2006. The red line on the chart is the 200-day moving average, and so far this MA has held. Currently the 200-day MA comes in at 1531. December gold is trading today at 1626. The longer gold holds above it 200-day MA without breaking, the more solid and bullish the position for gold. The rising stock market means less pressure to sell gold to cover margin calls and losses in stocks.” -Richard Russell
“My best source on Ft. Knox says it contains closely guarded nerve gas. My best gold source says what tiny amount remains is in West Point, guarded by young boys.” -Jim Willie
Yesterday evening, Andy Hoffman’s latest “Rant” features my comments from yesterday’s daily. As I have often said, Andy and I are absolutely on the same page in issues related to gold, the state of the economy and market manipulation. Read his “Rants” – they are powerful and educational, if not “feel good” essays.
I will be in Denver on Friday along with my son, Andy Schectman to meet with Andy Hoffman. We are having dinner with Andy and his wife and two like-minded friends. We see eye-to-eye so I decided we should meet eye-to-eye.
One of the Gold Cartel’s “rules” is to never let gold rise two days in a row if at all possible. On cue, the bums in London are hitting gold at the appointed time, 3:00 A.M. New York time. Often, the selling continues into the opening in New York. Gold gained too much yesterday so it must be put in its place today. I bet the stock market doesn’t give up its gains from yesterday – just gold and silver. Let’s see how it plays out. If gold and silver finish today UP, then the bulls have the upper hand. I’m not ready to believe that YET. But it will come, and sooner than later. For the here and now – just more consolidation, more sideways movement until the technical damage rended on gold and silver has healed itself.