Thursday, May 13, 2010

Peter Brimelow Notes Gold-Manipulation Meme Spreading

In his latest Marketwatch column, in which he notes lot of bullishness and a little gloating in the goldbug camp, Brimelow points out that the gold-manipulation crew has a new supporter: legendary advisor Richard Russell.
Dow Theory Letters' Richard Russell... doesn't even bother with these details.

He says flatly:

"Do not trade your gold or gold shares. The third phase for gold lies ahead. The central banks do not want to see a new high in the price of gold, and they will do anything they can to keep the price of gold down. But the primary trend of gold is more powerful than all the world's central banks taken together."

"There is nothing more powerful than an idea whose time has come. The idea -- gold is the only money that's safe from the world's clueless governments, and their obsession to escape a recession or a depression."
This is a change for Russell, too -- he used to deride the claim that gold's price has been long manipulated....
Near the end, Brimelow notes that there's not that much worry over the relative sluggishness of gold shares, which used to be treated as a cautionary sign of non-confirmation. Perhaps that's because the seniors have leapt up since last Friday; it could also be a sign of over-enthusiasm in goldbug ranks.

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