Why does it seem that gold price advancements do not want to give?
*Dow Theory Letters, by Richard Russell, January 29, 2008
“Meanwhile, as I noted yesterday, the character of the bull market in gold seems to be changing. The change is that I don’t sense any ‘give’ in the metal. It’s like some strange, invisible power is forcing the metal higher. Will gold correct? Will gold retest the 900 level? Can this steady almost eerie rise continue? And how is it that the public remains singularly disinterested? At what point will the US public drop their disinterest and ‘go for the gold?’
Below we see a monthly chart of the bull market in gold.* How could gold, how could any item, rise from 250 to over 930 without attracting intense interest from the public? Damned if I know, but I can tell you this — somewhere ahead, rising gold will attract the interest of the public. I’ve never seen a rising market that didn’t, at some point, bring in the public. But the higher gold rises without public participation, the higher gold will ultimately go.
I guess decades of anti-gold nonsense and ignorant propaganda has left Americans “brain-washed” when it comes to real money. It really does seem like the ultimate irony — Americans have faith in fiat junk paper — but they distrust real tangible money — gold. Americans will ‘get it’ somewhere ahead. I’m in no hurry, and you shouldn’t be either. Meanwhile, let gold ‘creep’ higher. I continue to call it the ‘great stealth bull market.'”
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*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.