By Richard Russell
As I write half an hour before the close, the Dow is up 48 and Transports are down 65. So the market is in a tight trading range. There are now 9 distribution days in the Nasdaq and 9 in the S&P. 18 combined distribution days are enough to halt any rally. It’s obvious that the institutions are nervous and are taking their profits or saying good-bye to this market. Happily my biggest security holding, TriContinental Preferred, is selling at a record high of 51.63.
As for gold, it is selling now at 1200.5, doggedly holding on to its 1200 support price. I’m convinced that a new currency will be created and that a new Bretton-Woods lies ahead. Gold will be an important part of the new currency, almost surely at a higher price than the current quote.
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