Richard Russsell is from the old school. He has witnessed almost every kind of market. I agree with him that the Fed has rung the bell, the dollar will be devalued and gold will be wealth protection as it has always been. Go to the link to read about what other well respected newsletter writers are saying about gold.-Lou
(Marketwatch)........Dow Theory Letters' Richard Russell was even more dramatic. On Friday he said: "I've written in the past that if you want to make 'BIG' money in the market, you have to take an over-sized position and be dead right on the trend. The last time I did that was in late 1958. ... I did extremely well on that fateful ride, and I never again had the nerve to take that large a position -- until now.
"I started building my gold position in 1999. ... My gold position now is comparable to my market position back in 1958 ... maybe 30% of my total worth. Why have I done this again?
"(1) I believe gold is in a major or primary bull market. I believe the gold bull market is currently in its second phase. This is the phase where sophisticated and seasoned investors and the funds enter the market. ...
"(2) If there is only one bull market in progress, it will attract broad new coverage and attention -- just as Thursday's $70 rise in gold did.
"(3) I believe the bear market in stocks will continue erratically and the deflationary trends will persist. ... Bernanke will stop at nothing
(including massive printing of dollars) in his effort to halt deflation." See Dow Theory Letters Web site.
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