I have DGP, which went from about $40 in mid March to $67.61 today (August 18). My target has long been met without me even noticing it (it was somewhere around $52). Now that gold is in an uncharted territory (all-time high) and I'm yet to learn how to draw Fib lines forward, I'm using the Point and Figure chart to literally figure out my new target.
Looking at the chart, it looks like a break out from the pennant on a long pole. The length of the pole is $18, and the bottom of the pennant where the breakout has taken place is $62. The target would be $62 plus $18, equaling $80. That would translate to gold slightly over $2,000.
Not very far, is it? I will probably continue to sit on my holding as I see no reason to sell anything related to gold in the market environment like we've been having. I didn't even notice that the US stock market was tanking until about 2 weeks ago, but I'd better watch out for the entity who issued this ETN: Deutsche Bank (DB). I hope the German government will support the bank even in euro turmoil (or death dance).
(If hoping is not good enough, putting DB may work.)
buy gold!
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