Mar 7, 2007

Richard Russell: "I'm convinced that gold is cheap here.."

"..I note that many gold "experts" are claiming that they saw the gold correction coming, and that it has even further to go. All sorts and varieties of proofs are offered. Personally, I'm not interested in their crystal balls. What I want to do and have been doing all along is accumulating gold in terms of ounces. I'm convinced that gold is cheap here -- dirt cheap compared with the oceans of fiat paper floating around the world

Looking at the chart of GLD (this is the ETF which I use as a proxy for gold) no real damage has been done. GLD has dropped five boxes to the 63 level, it is still above its ascending bullish trendline. Gold is simply a better buy now that it was a month ago. Those are my thoughts on the gold action. My other thought on gold is that my gold position is not for sale. I'm a systematic buyer, not a panic-stricken seller."

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