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Richard's Remarks

 

The stock market and gold bounced back today as expected. All sorts of rumors about gold. On Friday there was one big seller of gold. At the opening of the Comex, someone sold 53,000 gold futures. Another story is that Cyprus was to sell its entire reserves of gold.

Today's sharp drop in the stock market would not be taken as anything special -- except that it started from a non-confirmation in which the Dow registered a new high -- unconfirmed by the Transports. If today's decline was simply a decline set off by an over-heated and uncorrected market, I would not give it much thought. However, from a Dow Theory standpoint the current decline might turn out to be the start of something serious -- we should know soon enough.

 

As for gold, one thing bothers me. It looks as though gold, after 12 year-ends of closing at new highs, is not ... Log in or subscribe to continue reading.


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