from Richard Russell the R&RGold brings in no income, but it helps me to sleep at night. If everything goes
wrong, and in today's world everything could go wrong -- there's no safety like
the safety of gold (after all, gold has been accepted as money for thousands of
years -- which is a bit longer than any fiat paper that I'm aware of).
I haven't shown a P&F chart of gold for a while so let's take a look. Gold was
reconfirmed as bullish in June when the last row of Xs rose to the 440 box. A
correction took gold back to the 420 box in July. The next upside target for
gold on this chart would be at the 440 box, which is about 10 points away.
Today, by the way, gold broke above its 50-day moving average, which stands at
427.
The upside "count" for gold is now 492.