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Russell: “Can markets be neurotic or hysterical?  Markets are made by people, and currently I believe we have a lot of semi-hysterical people in this market. ...Stocks are not cheap. 


My feeling is that the only bargains around are silver and gold.  I bought a batch of American Eagle one ounce silver bullion coins today, on the temporary weakness in silver.  I believe silver is the single biggest bargain around, at today’s prices.  I understand that physical silver is so scarce that the US government is buying silver in the open market in order to mint its coins.  On the other hand, my local coin dealer says there’s plenty of silver available.  But I wonder for how long. 


Four things I dislike about this market.  Heavy insider selling, margin debt near record highs, S&P financials are in a large, negative head and shoulder top, and the January barometer was negative. 


... On top of this, it seems China is in trouble.  Thus a major importer of commodities has turned feeble.


The world is caught betwixt and between.  The betwixt is inflation and the between is deflation.  By now Janet Yellen must know she is fighting the forces of deflation, and it's a question of how she will address this problem.  My guess is that she will address it with additional QE. 


The battle against deflation is very serious and the Fed knows that once deflation gains the upper hand, we are headed for a serious recession.  While inflation can be halted easily with higher interest rates, deflation is another story; it tends to take on a life of its own.  For holders of gold, ironically, deflation is a convoluted form of good news, since it will require massive infusions of liquidity in the fight against inflation.


My stance continues to be “gold, gold and more gold,” with just enough cash to handle the needs of the day. This may sound boring.  But in this case, boring equates to peace of mind. 


If I were the government, I'd reflate by resetting the price of gold at $10,000 an ounce.  Can we do that?  Sure we could, FDR did it, and we could too -- if we only had the gold.  C'mon, I double dare the Treasury to give us an honest audit of our gold.  Why doesn't Obama demand an honest audit and settle the question once and for all?  Dammit, The Treasury's gold is yours and mine.  So I have a right to demand -- “Where is it?” and “How much do we have?”


I have long thought about the Holocaust.  How could it have happened?  What was its meaning? Some ask – How could God have let it happen?  God is good and only delivers that which is good to mankind.  But man has free will, and during the greatest and most horrible war in history (60 million died), the Holocaust existed as a symbol of the depth that mankind could descend to when left on its own.  Thus I consider the Holocaust a symbol of Godless depravity and a warning that a nation without God can reach the most unbelievable cruelty and corruption.  I’ve always wondered what the Holocaust meant.  People say – how could God let it happen?  But God had nothing to do with it.  It was mankind (the Nazis) without a connection to God, that let it happen.”


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


© 2014 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.


IMPORTANT - KWN has many more interviews being released today.


The audio interviews with Gerald Celente, Egon von Greyerz, Eric Sprott, David Stockman, Michael Pento, Bill Fleckenstein, Dr. Paul Craig Roberts, Grant Williams, Andrew Huszar, Art Cashin, John Mauldin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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