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Recently by Richard Russell: Gold


Gold Rallies to Record on Safe Haven Demand as Debt Concerns Intensify in U.S. (July 14 – Source Bloomberg)

"Gold surged to a record after Moody’s Investors Service placed the U.S. rating on review for a downgrade, U.S. debt-ceiling talks stumbled and Europe’s sovereign crisis persisted, boosting demand for a haven.

"Immediate-delivery bullion climbed as much as 0.5 percent to $1,589.80 an ounce, and traded at $1,587.55 at 9:36 a.m. in Singapore. Federal Reserve Chairman Ben S. Bernanke’s comments that additional stimulus may be needed also drove the metal’s ninth day of gains, the best run since April.

"The U.S., rated Aaa since 1917, was put on review for the first time since 1995, on concern the debt threshold will not be raised in time to prevent a missed payment of interest or principal, Moody’s said. President Barack Obama walked out of a meeting with legislative leaders on raising the U.S. debt ceiling, according to House Majority Leader Eric Cantor."

Gold – From its July 1st low of 1482, gold has risen almost in a straight line to July 13th high of 1585, a spectacular rise of 103 points. Obviously, gold is in need of a rest or even a correction.

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