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Richard Russell continues:


“Their reaction -- they call their broker and shout, ‘I can't take it anymore.  Buy my shorts -- I don't care what the price is -- I've had it, and I want out.  If I ever hear the word “short” again, I'll shoot somebody!’”


Russell also covered silver: “Silver is beginning to look interesting to me.  About a month ago, I showed charts of silver mining stocks that had exploded.  This suggested to me that something bullish was coming up in silver.  Since 2003 silver has gained 1,012%, and in doing so it has outpaced gold.


At present the overgrown supply of silver is dangerously low.  This sets us up, say silver experts, for a huge squeeze on the silver shorts.  On the Comex there is currently a giant silver position, a position that almost dwarfs the available supply of free silver.


The chart below looks interesting.  Silver reversed a declining trendline and then silver dropped to test its 200-day MA, where it held.




As I write, March silver is up .993 to 32.17.  A rise in silver will almost surely rub off on gold, since there is a ratio that constantly connects them.  Therefore, I will keep a sharp eye on silver in coming days and weeks.  By the way, the outfit that holds an enormous short position in silver on the Comex is JP Morgan.  And I wonder is JPM working secretly for the Fed?”


Russell also added:  “You know, America is different from most Asian nations in that America has little use for older people.  For instance, in China, older people are revered.  Though older people may lack “hipness” and technical knowledge, they make up for their ignorance with wisdom.


I look back and I have seen and talked to Billie Holiday, Marlon Brando, Marilyn Monroe, and Janis Joplin.  I have seen, combined, what few other living people have seen.  I've seen the rotting fruit in California during the Great Depression, I've seen the planes dropping bombs over Europe, I saw the parade through New York when people opened their windows and shouted “Hooray for Happy Hoover.”  I've seen and gone through a lot, and as a result I believe I do have a small portion of wisdom and a good memory.”


To subscribe to Richard Russell’s Dow Theory Letters CLICK HERE.


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The interviews with James Dines, William Kaye, John Embry, Jean-Marie Eveillard, Rick Rule, Pierre Lassonde and Gerald Celente are available now.  Also, be sure to listen to other KWN interviews which include James Turk, Bill Fleckenstein, John Hathaway, Ben Davies, Nigel Farage, Eric Sprott and Art Cashin by CLICKING HERE.


Eric King

KingWorldNews.com

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