Richard Russell: “I don’t have to tell you that this is a “spooky” stock market. It’s nervous and spooky because it isn’t a normal supply-and-demand market, its a market that’s trying to psychoanalyze Ben Bernanke and the Federal Reserve. Will they or won’t they “taper?” (Ugh, that disgusting word). And if they taper or not, will it be Summers or Yellen or someone else as the new head of the Federal Reserve? In all my years dealing with the stock market, I can’t remember anything this ridiculous and annoying.
Here below we have a P&F chart of gold, up-to-date as of Friday’s close. Some may call this a “cup and handle” formation and others may call it a modified head-and-shoulders formation. I just call it a catapult formation with a P&F price target of 1620. Of course, gold doesn’t have to surge straight up to 1620, but by hook or crook, one way or another, I believe we’ll see 1620 gold this year — in 2013.
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