If you read Russell a little more carefully, you'll see that he says we're still in a gold bull market. Technically, he's correct and I will continue to have faith in that bull market till I see the indicators that tell me we're not in a gold bull market. Gold has dropped below the 50 day moving average but it did that before, around the 1st of July and then moved above it again. Gold has remained well above the 200 day moving average and the long-term trend line so in my view, the bull is intact. Those people who take a position in gold and hold, will be rewarded in my opinion, whereas those individuals who watch the POG minute by minute and attempt to trade on the movements will probably lose out because TA tea leaves or whatever method you use is not a whole lot of help at that level of trading.
I tend to give credence to the argument regarding the inward movement of dollars into the US due to the redemption by the mutuals of their overseas iinvestments as mutual holders try to take what they can back from the funds. Hence, I believe, once this money is exhausted the dollar will resume its decline and POG will bounce back up.
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