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The last time/price we sold out of our long position in GLD (Gold’s etf) was 12/29 at $86.66. The only fundamental facts that have changed since that date play in gold’s bullish favor.

As the entire free world devalues their respective currencies (at $31.12 per USD, the Russian ruble dropped to a 6yr low this morning, putting it down -25% since the price of oil peaked in July/August of last year) in order to stoke export growth and re-flation, gold continues to look attractive. Today I am taking Gold to 6% of my Asset Allocation model, up from 3% prior.

See the chart below for my buying range in the GLD etf (in green): in terms of physical gold, this green range is the equivalent of $812-$838/oz. I’d sell some up at $891/oz (dotted red line).

Keith R. McCullough
CEO & Chief Investment Officer