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Richard Russell: “I don't have to tell you that this is a “spooky” stock market.  It's nervous and spooky because it isn't a normal supply-and-demand market, its a market that's trying to psychoanalyze Ben Bernanke and the Federal Reserve.  Will they or won't they “taper?”  (Ugh, that disgusting word).  And if they taper or not, will it be Summers or Yellen or someone else as the new head of the Federal Reserve?  In all my years dealing with the stock market, I can't remember anything this ridiculous and annoying.


Here below we have a P&F chart of gold, up-to-date as of Friday's close.  Some may call this a “cup and handle” formation and others may call it a modified head-and-shoulders formation.  I just call it a catapult formation with a P&F price target of 1620.  Of course, gold doesn't have to surge straight up to 1620, but by hook or crook, one way or another, I believe we'll see 1620 gold this year -- in 2013.




The housing starts figures were released, and they were surprisingly lousy.  On this basis, I believe the Fed will continue to buy US debt (nobody else wants it), and I believe QE will continue until the Fed's balance sheet passes four trillion and keeps on going.  So what's Bernanke's “exit strategy?”  I think Bernanke's exit strategy is that he's going to exit Washington as soon as he can -- that will be his real exit strategy.


I'm posting GDXJ (speculative gold miners) just for good measure.  Here we see a bullish formation on the P&F chart.  The P&F projection target is 65, which allows for a huge rally from here.




Below we see a P&F chart for silver.  I suspect that silver has bottomed.  Silver is dirt cheap compared with gold. One ounce of gold now buys around 60 ounces of silver!  When you buy gold, you're aligned with JP Morgan.  This bank has assumed a massive long position in gold.




The piece below is by Ayn Rand:


“Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence.  Destroyers seize gold and leave to its owners a counterfeit pile of paper.  Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it.  This kills all objective standards and delivers men into the arbitrary setter of values.  Gold was an objective value, an equivalent of wealth produced.  Paper is a check drawn by legal looters upon an account which is not theirs:  Watch for the day when it bounces, marked “account overdrawn.”


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 Eric Sprott, Egon von Greyerz, Michael Pento, James Dines, William Kaye, Grant Williams, Dr. Paul Craig Roberts, Gerald Celente, Hugo Salinas Price, Art Cashin and Marc Faber are available now. Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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