*Dow Theory Letters, by Richard Russell, November 26, 2007
“The gold price in Australian dollars has hit an all-time high, closing the week at more than $940 per ounce, after the price in US dollars rose on Friday night and the Aussie dollar eased.
Russell Comment — Gold is now outperforming all fiat currencies. Or let me put it the correct way, all fiat currencies are losing value against gold. This is also true of most stocks and the Dow. As of Friday, one share of the Dow would buy only 15.74 ounces of gold. The Dow, in terms of gold, has been in a bear market since July 1999, at which time one share of the Dow would buy 44 ounces of gold.”
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