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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (5054)	7/3/2003 9:45:58 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

Gold and Silver snippets Richard Russell Dow Theory Letters Jul 3, 2003 Gold -- As I write this morning (Wed) the slowly climbing 200-day moving average of gold stands at 341.90. The faster-moving rising 50-day MA of gold stands at 354.30. Gold this morning is trading at 352.60. If gold can close above 354.30 it will have closed above its 50-day MA, and since the 50-day MA is above the 200-day MA, gold above 354.30 would be on a "bull signal" under my method of interpreting the moving averages. Subscribers ask me about the Fed's attitude towards gold. Actually, since the Fed is trying to bring back inflation, I would guess that Greenspan would like to see higher gold. Rising gold would be an indication that inflation is "kicking in" again, which is what Greenspan wants. So higher gold, I believe, it something the Fed would like to see. Silver -- For a change, the action of silver is becoming interesting. The 200-day MA of silver stands at 4.63. The 50-day MA of silver stands at 4.65. This morning silver surged 9 cents and was selling at 4.67. If silver can close at 4.67 it will have turned clearly bullish. The next target will be the recent rally high of May 12, which saw silver close at 4.88. Market Action --With the Dow up over 100 points, gold and gold shares held well today. Six months ago with the Dow up 100 golds would have tumbled. Gold and gold shares are being accumulated. (One share of the Dow buys 26.00 ounces of gold.) 321gold.com