On the heels of continued volatility in the gold market, the Godfather of newsletter writers, 90-year old Richard Russell, put out a quick note about a breach of a key price level that will spark a massive short covering melt-up in the gold market. The 60-year market veteran also discussed the anxiety gold traders have been experiencing.
Russell: “Gold has been highly volatile over recent weeks. Thus, those who have attempted to trade gold must be poor and exhausted. I have sat with physical gold over recent months and have never suffered anxiety or lost a night of sleep. I never planned to create profits from my gold position, I simply wanted to retain my purchase power. So I bow to gold, the King of Currencies – in gold we trust. … Gold trading at $1,215 or better will, I believe, set off a short covering melt-up in gold.”
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