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Richard Russell continues:
“Deluxe restaurants are still full at dinner time, and people are still taking their families to expensive, fun places like Disneyland. The only real signs of change are the ‘sale’ and ‘for rent’ signs that seem to be everywhere. This bear market is going to be for the long haul and it may be six months to a year before it dawns on people that the times are changing.
I think this bear market is going to creep up on us silently, stealthily and subtly. If this is a bear market, I'd rather not see it, because it could be a monster.
As for housing, my friend Gary Shilling notes that there is an inventory of two million houses to be sold. Gary thinks that housing can sink another 20% before it hits bottom. My advice -- Prepare for the worst, and hope for the best.
Just for the hell of it, I'm showing a daily chart of the euro. I think it's over-priced at 1.22, and I think it's going to par against the US dollar. I saw enough of Europe during WWII, and with the euro at 1.23, I'm staying in La Jolla where I can still get a meal for less than six bucks. The euro came out at 87 cents, which is what I think it's really worth.
What is impressive is that gold is holding above support of 1550 (as shown on the chart below) in the face of the strong dollar.
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© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
The interviews with MEP Nigel Farage, Peter Schiff, John Embry, Egon von Greyerz and Bill Fleckenstein are available now. Also, be sure to listen to this week’s line-up of other KWN interviews which include Jean-Marie Eveillard (oversees $50 billion), Michael Pento, Gerald Celente by CLICKING HERE.
Eric King
Richard Russell - Get Rid Of Debt & Prepare For Tough Times
With continued uncertainty in global markets, the Godfather of newsletter writers, Richard Russell, issued the following warning: “This is the time to cut back on needless expenses -- get rid of all the debt you can, and prepare for tough times. I don't like the utter calm and complacency that I see today. The last few generations can't conceive of drastic changes and hard times.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
July 19, 2012
