The Gold Bull Is Beginning To Stamp The Ground!

  1. 9,081 Posts.
    Richard Russell prognosticates a gold price of $3000 p/oz (US$) and the Dow at 3000 - eventually.

    You can access it via the bullion desk newswire if it has not already been posted on the HC forum.

    I take such prognostications with the proverbial grain (or two!!) od salt.

    Having said that, the FACT remains that gold is in steady (if unspectacular uptrend).

    If it blows through $330 on any kind of heavy volume we will be "off to the races" as that will trigger a strong signal (from a charting point of view) for the professional money to pour in.

    Fund managers will not be able to afford to "miss out" - a buying frenzy will, in all probablity ensue.

    Then we will be into the "self-fulfilling prophecy" scenanrio as too much money chases too few gold stocks.

    Stocks could easily double from current levels.

    If LHG moves above $1.65 then its uptrend is well and truly confirmed - it will then move well above the $2.00 level in the next phase of its run up.

    Huntley's target of $1.00 or so for CRS may also prove to be very conservative.

    I for one will hold on to my gold stocks - I simply can't afford to trade them as I may miss out on the "big run"

    When it comes it will take the market by total surprise.

    This is an unpredictable beast and the Gold Bull has yet to stamp the ground, snort and roar his ascendancy.

    That will be worth patiently waiting for.

    Cheers, X
 
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