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“I just heard Bernanke's latest interview.  He said that the economy is improving, just as he had expected.  And he said further, that the Fed will continue their “open spigots” policy, which includes buying $85 billion worth of assorted bonds each and every month.  Plus, of course, the zero interest rate policy.  And hey you poor broke slob, if you don't like the zero policy, then go buy some stocks or better still, buy a house, because Bernanke is dedicated to driving almost everything that moves or doesn't move, higher and higher.


So what do you and I do?  Easy, we sit with our DIAs and stay with them until I see signs of danger, which, by the way, are not visible yet.  Of course, I am aware that on a dividend yield basis, stocks are now expensive, and this alone will prevent me from becoming wildly bullish.  But I like the ride, and I like the way the DIAs are acting.


I'm going to include some exciting news about gold.  After days and weeks of trying, Monday April gold closed ABOVE the 1600 resistance level at 1604.60.  Due to the recent wide-spread pessimism and the “I hate gold” chorus, I believe the gold short position is about to get squeezed. 


I'm convinced that closing above 1600 is very important and technically significant.  Got gold?  Remember, the Fed wants gold lower because the Fed hates gold.  As we all know, gold is the arch enemy of Federal Reserve Notes.  And I almost forgot, the Chinese and most central banks want cheap gold because they are accumulating it.  April gold backed off a bit but is still closing above 1600 (to the consternation of the gold-haters).  As I close, I can still hear Bernanke's high, shrill voice.  Gad how these know-nothings love to quiz the Fed head.


Russell's two cents -- Market Vane bulls on gold are at nearly a decade low.  This jibes with my observations that sentiment regarding gold is about as bearish as I've ever seen it (and believe me, I've seen times when gold was hated -- such as back in the period around 1971-72).  On Bloomberg TV recently, the commentators were actually gleefully bearish on gold, and they went to great lengths to show that gold has done little or nothing since the first of the year.


I am beginning to agree with those who claim that a lot of the gold that has supposedly been stored at Fort Knox and West Point and at the Federal Reserve Bank of New York is simply NOT THERE.  Where are the blessed audits?  Where's the proof that the gold is there?  I suspect that the talk of “missing gold” has some substance behind it.


Why not end the recurring rumors with an audit? What are we hiding? What are the Treasury and the Fed waiting for?  If the gold is there, then dammit, show us.  No wonder Germany is calling its gold in.  But why is it taking seven years for Germany to get its gold back.  If some gold is missing, it would be the scandal of the century. Meanwhile the rumor is that JP Morgan has been manipulating silver via a huge short position.  Is anything or anybody honest in the world today?


No matter, I suspect that the long, tedious correction in gold is at or very near an end.  I have recently heard news that Soros has sold much of his gold, and other funds have also turned tail and run.  Gold-hating has been popular big news over recent months, and now I believe gold is about to make fools out of the gold-haters.  If I'm correct, even the gold mining stocks should soon be coming to life.”


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


© 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 interviews with Michael Pento, Nigel Farage, Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry and Andrew Maguire are available now.  Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.


Eric King

KingWorldNews.com

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