The DJIA is a group of 30 stocks which change occasionally. It doesn't matter that the American Leather Company was on the Dow, it's not anymore, it's replaced by another company as its cap declines.
The DJIA is a major indicator of 30 large cap stocks that are picked by the editors of the WSJ.
It certainly is relevant to the price of gold the same as the GDX, the GDXJ, XGD and other indexes are. Gold companies go broke all the time and are replaced in the gold indexes.
gold, page-440
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