Richard Russell has been writing the Dow Theory Letters and daily market commentary for 52 years.\u00c2\u00a0 He is well respected around the world for his knowledge of the markets.\u00c2\u00a0 He uses technical analysis to forecast action in the stock market.\u00c2\u00a0 He recently wrote this to his subscribers:<\/p>\n
\u00e2\u20ac\u0153Yes, everybody is searching for the ultimate safe haven. I pick gold. The ironic problem with gold is that it is quoted every minute against currencies. If you have a safe haven item like a Picasso, do you quote its “Possible” price every hour?\u00c2\u00a0 No, you relax knowing that it will always represent wealth. The same can be said of a great diamond. But because it is quoted hourly, investors worry about gold. I’ve said, and I’ll repeat it, figure your gold in number of ounces, not dollar value. When the dollar is history, gold will still be here, and it will still be an eternal item representing WEALTH.\u00e2\u20ac\u009d<\/p>\n
This is such a great statement.\u00c2\u00a0 Gold has always held its value.\u00c2\u00a0 People get nervous with the day-to-day price action in the market, but gold needs to be thought of in terms of the big picture.\u00c2\u00a0 If you are a day trader then you need to be concerned with the day-to-day, but a typical investor needs to use gold as a safe haven<\/a> first and foremost, and a safe haven is a long-term investment.<\/p>\n