A word from Richard Russell today: http://kingworldnews.com/kingworldne...6_Mankind.html

A few thoughts about gold. Never buy gold for a profit, gold is a measure of wealth. Count your gold holdings in the number of ounces, not the current worth in dollars. You don’t price the home you live in every day, or with each passing week. Nor should you price your gold holdings in dollars with each passing day. Gold is a timeless wealth asset; an asset that will have a value with the passing of time.

Remember this: Of the original issues that made up the Industrial Average, only one remains. And that stock is General Electric. And what happened to all the rest? In investing, nothing is permanent except gold. But remember, do not buy gold with the idea of making a profit. Buy gold because it is pure wealth, and may be the last man standing.

Late Notes -- With gold down 3 points today, the gold mining stocks were all down. This is tax loss selling. Keep your eye on the bullion price. The Dow continues to push up as expected, although warnings are coming out of the woodwork from every direction. Money managers are afraid to leave the festivities so they will stay with the market until the bitter end.

Remember that megaphone pattern in the Dow? We're now at the upper trendline. This could take the Dow as high as 17,000 to complete the pattern.