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Richard Russell:  “It looks like the great gold rip-off is completed and over.  A few of the banks (JPM) spread the rumor that gold was heading for $1,000 and that the bull market in gold was toast.  This set off a panic in gold and silver, which served the perpetrators well. 


As the metals swooned, the crooks, who had sold the metals short, made a tidy fortune as the metals collapsed.  At the same time, they loaded up on cheap gold and silver.  In all, quite a play, during which a good many duped investors dumped their silver and gold.


I understand that there is now a huge speculative short position in gold on the Comex.  This position will have to be covered.  This means driving the shorts out of the market.  Thus, the manipulators will have cleaned up -- first by selling the metals short, and then by loading up on the metals at the bottom of the panic in preparation for (hopefully) the ride up.


My guess is that China and Russia soaked up a good deal of the bargain-priced gold near the bottom of the panic. China waits patiently while the US spends its way into bankruptcy.  Which reminds me, there's still lots of talk about the true amount of gold owned by the US.  Then why the hell doesn't the government or the Fed finally audit our gold holdings and put an end to the rumors?  From what I understand, neither the Fed nor the US government want an audit.  If the gold is really there, then why don't they put an end to all the rumors?  For heaven's sake, let's have an audit -- or is there really something to hide?


I feel we are besieged with rumors, secrets, lies and manipulations.  I've felt this way before, but I've never felt this strongly that we (Americans) are being lied to and manipulated.  What's to hide?  Jesus told us that we must know the truth, and the truth will make us free.  Then for God's sake, start telling us the truth!  My intuition tells me that if it's a secret, it's probably evil.  Ultimately, good or bad, everything comes to light-- although it may take time.


After mulling over the situation for days, I have finally decided that, in deference to my subscribers, the best position for me is to have no position in the market.  As soon as you buy stocks, the normal sentiment is to want the market to go up.  I don't want to be in the position of wanting the market to go up or down.  I want to be emotionally neutral and basically realistic.  Therefore, the only position I will own will be gold.  I have not added or subtracted gold from my position in a long time, nor will I.  I treat gold like my home.  It's a tangible asset, and I don't trade it.


The next position in the stock market that I'll take will probably be at the bottom of the next bear market, at which time I suspect blue chip stocks will be selling at less than ten times earnings while dividend yields will be in the 5-7% area.”


Russell also added:  “I just read from cover to cover the latest issue of the great Economist magazine (they call themselves a newspaper).  Conclusion -- all Europe is depending on Angela Merkel and a reluctant Germany to save them.  The hard-working Germans do not see why they should save the rest of “lazy” and free-spending, hard-vacationing Europe.  But will Germany allow Europe to sink from recession to depression?  Ah, that is the question.  And the answer?  Nobody knows yet.  But Merkel is very popular in Germany, and she is very hard-nosed, and in favor of Germany above all.  But will she want her legacy to be that she is the person who saved the euro-zone?  Maybe.”


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 audio interviews with Rob Arnott, Egon von Greyerz, Gerald Celente, James Turk, John Embry, Dr. Philippa Malmgren, Bill Fleckenstein, Eric Sprott, Rick Rule, Jim Grant and Art Cashin are available now.  Also, be sure to hear the other recent KWN interviews which include Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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