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Richard Russell Jul 20/07 Remarks on Gold

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Extracted from the Jul 20, 2007 edition of Richard's Remarks Gold -- Gold shares often lead the metal, and on this thesis the action of HUI, the so-called "Gold Bugs" index is significant. Recently, I've drawn attention to the four tops in the HUI, all in the 370 area. Yesterday, HUI rallied above those four tops to close at 371.11, it's highest close since May, 2006. The next upside objective is to better the May, 2006 closing high of 394.22. As far as gold, the metal, is concerned, I said gold's next objective was to close above 680. Realizing this I thought the central banks may try to dump a quantity of gold on the market in an effort to hold gold back. Why would the central banks want to hold back the upward progress of gold? Simple, rising gold is a red flag. Rising gold signifies fiat paper declining against real money. That is something the central banks cannot tolerate. But reality is more powerful than all the world's central banks taken together. The action of gold, the metal, received a gold star today. August gold closed up 6.60 to 684.70, thereby bettering its preceding June 1 peak of 676.90 (Aug. futures). A hard-working and very knowledgeable subscriber just sent me these interesting and seldom seen statistics. The highest ever monthly average spot prices for gold -- (1) 679.87 in April, 2007. (2) 656.51 in May 2006 (3) 675.31 in January 1980!! (4) 673.63 in September 1980 (5) 666.86 in May 2007. Next, the highest average price for gold on a yearly basis -- 1980 -- 603 -- 2006 -- 612.58 2007 -- 658.80, so far. How about that -- the average price of gold this year will probably be above the average price for gold in 1980. And this year isn't over yet. lots more follows for subscribers... Jul 20, 2007 Richard Russell website: Dow Theory Letters email: Dow Theory Letters Russell Archives © Copyright 1958-2007 Dow Theory Letters, Inc. 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.