Richard Russell has made his subscribers fortunes. One of the best values anywhere in the financial world at only a $300 subscription to get his DAILY report for a year. HERE to subscribe. Richard has been Bullish Gold since below $300. He also loaded up on bonds in the early 80’s when US Treasuries where yielding 18%+. A 30 year bonds through compound interest would turn $1,000 into $300,000 at maturity. (include reinvestment of interest income, which Richard does as his view is compounding interest is the ROYAL ROAD to RICHES)
“By now, I believe most of my subscribers have some sort of a position in gold or gold shares. Below is an up-dated P&F chart of gold. We see that the latest action is a “high pole” rise to the 1190 box. Then a correction down to the 1130 box. The correction halted well above the halfway level of the high pole. Then most recently, we see a rally and a breakout to the 1200 box. This breakout to new highs is very bullish. There is no technical resistance above gold now. My guess is that gold will now work its way up to the 1500 area.”
Central Gold Trust is a Canadian outfit that must hold 90% of its assets in gold bullion. The P&F chart is interesting. Yesterday GTU broke out of its left shoulder formation. This could easily take GTU to its former high box at 50. Anything above 50 would be very bullish. For more on GTU, check it out on Google — Central Gold Trust.
The 84 yr. old writes a market comment daily since the internet age began. In recent years, he began strongly advocated buying gold coins in the late 1990’s below $300. His position before the recent crash was cash and gold. There is little in markets he has not seen. Mr. Russell gained wide recognition via a series of over 30 Dow Theory and technical articles that he wrote for Barron’s during the late-’50s through the ’90s. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-’66 bull market. And almost to the day he called the bottom of the great 1972-’74 bear market, and the beginning of the great bull market which started in December 1974.