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Richard Russell:  “Those of us who have been in combat during any war know the idiocy and tragedy of a world where man is pitted against man.  My feeling is that at some future time, we will look back at the current age and shake our heads at its savagery and stupidity ... The changes coming, I am convinced, will be harsh.  And in the end, for the better of mankind. 


A few thoughts about gold.  Never buy gold for a profit, gold is a measure of wealth.  Count your gold holdings in the number of ounces, not the current worth in dollars.  You don’t price the home you live in every day, or with each passing week.  Nor should you price your gold holdings in dollars with each passing day.  Gold is a timeless wealth asset; an asset that will have a value with the passing of time. 


Remember this:  Of the original issues that made up the Industrial Average, only one remains.  And that stock is General Electric.  And what happened to all the rest?  In investing, nothing is permanent except gold.  But remember, do not buy gold with the idea of making a profit.  Buy gold because it is pure wealth, and may be the last man standing.


Late Notes -- With gold down 3 points today, the gold mining stocks were all down.  This is tax loss selling.  Keep your eye on the bullion price.  The Dow continues to push up as expected, although warnings are coming out of the woodwork from every direction.  Money managers are afraid to leave the festivities so they will stay with the market until the bitter end.


Remember that megaphone pattern in the Dow? We're now at the upper trendline.  This could take the Dow as high as 17,000 to complete the pattern.




Between the technical position of the market and the uncertain position of the fed, we can expect erratic and hard to analyze action in the coming weeks.


At such a crucial area, I expect the market to be irregular and unstable.  Also, the Dow has just closed above 16,000 and this can act like a high wire.  The main trend continues higher and the melt-up that I expect still lies ahead.  Speculative positions in the DIAs can be held.

........................................


Russell added: The watch on watches.  The ads are loaded with announcements for expensive watches.  It seems that every big designer has his own brand of watch for sale.  Why?  The mark-up on watches is absolutely huge.  They can be made in Switzerland, Japan or China. 


Only two brands are worth anything -- Rolex or Patek Philippe.


Do yourself a favor -- send for the Stauer catalogue and look it over.  I've bought dozens of watches (gifts) from this outfit, and they are eye-openers.  They sell for around $200 and they compete with the multi-thousand dollar watches that you see advertised everywhere.  A designer can order 500 watches and mark them up hugely.  Then if they don't sell, he can dump his unsold inventory and recoup his losses.  Buying expensive designer watches is a sucker's game.”


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


IMPORTANT - Due to the market action, KWN will be releasing interviews all day today.


© 2013 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 audio interviews with William Kaye, Michael Pento, Andrew Maguire, Gerald Celente, David Stockman, Art Cashin, Dr. Stephen Leeb, John Hathaway, Bill Fleckenstein, James Turk, Eric Sprott and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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