Primary Trend is Bullish

Dow Theory Letters
"It goes without saying (but I'll say it anyway) that gold is always open to normal corrections. Every item is subject to corrections, and gold is no exception. We also know that governments and central banks will resist any major rise in gold -- they will do whatever they can to hold back the advance of gold against their fiat currencies. Nevertheless, I believe the primary trend of gold is firmly bullish. Therefore, government's or central bank's efforts to put a top on gold is doomed to failure. The bull market in gold will fully express itself. The more forceful the authorities are in holding gold back, the higher gold's ultimate peak will be."(10/16/07)

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