With gold near $1,670 and silver close to $32, the Godfather of newsletter writers, Richard Russell, discussed a couple of global indexes, highlighted gold and the mining sector with some fascinating charts, and asks, what about Germany? Here is what Russell had to say: “Will Germany shock the world by pulling out of the eurozone? Germany's stock index has been consolidating, but I don't like the look of MACD. Germans are dreaming of getting back their beloved Deutsche mark -- I think they've had enough of the euro.”
Gold is looking increasingly interesting. The chart below almost speaks for itself. Spot gold is in a rising trend and is touching its 50-day MA. The nearby target is to climb above 1700. There has been terrific resistance to gold's rise -- it's as if every penny higher has been fought against by the anti-gold group (and who could that be but the Fed?). RSI and MACD are both bullish.
Richard Russell continues:
“The German stock index has been moving sideways -- which way is it going to break? We should know soon.