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Richard Russell:  “The inflationists and gold-haters have been able to drive gold down to a new low.  The P&F chart of gold below looks scary, but as I see it, what we are looking at is an ever-larger and growing base for gold.  The base has been forming ever since July of last year.  It's been practically begging speculators to short gold.  The more shorts, the better.  I also think there's been a lot of tax-loss selling by fund managers in gold and particularly the gold miners.




Meanwhile, all eyes are on the dollar, which is holding just above its 50-day moving average.  It looked as though it was forming a head-and-shoulders bottom, but now the right shoulder is deteriorating.




A P&F chart shows the dollar remains bullish -- but if the dollar hits the 78 box, that will trigger a sell signal and upset the whole apple cart.  Many people wonder what will happen to the multi-trillion dollars of debt that the US owes.  Debt, in terms of dollars, remains stable (albeit growing).


But I believe the Federal Reserve and the Treasury are playing for time.  If we continue to create dollars at the current rate, eventually the debt will appear manageable.  The trick is that we must create dollars faster than we are creating debt.  Eventually this must lead to hyperinflation.  It all boils down to a slogan that I invented many years ago, “Inflate or die.”


Meanwhile keep your eye on the dollar.  A decline to 78 will be the first sign of serious danger.




Late Notes -- Today was a mixed market.  The Dow backed off under pressure from distribution days.  Gold was down today, and the gold mining stocks remained under pressure from tax loss selling and a strong dollar.  My longer term outlook remains the same – higher gold in due time, and for the general market, an ultimate melt-up ahead. 


As for our souls, the great enemy is fear.  As Emmet Fox puts it, “Everyone knows today that man’s greatest enemy is fear.  Fear always means that one has insufficient faith and love for God – oh why should one fear?”


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 This material may not be published, broadcast, rewritten, or redistributed.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 Egon von Greyerz, Dr. Paul Craig Roberts, William Kaye, Michael Pento, Andrew Maguire, Gerald Celente, David Stockman, Art Cashin, John Hathaway, 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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