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Russell: “For the benefit of new subscribers, I want to state my position.  I think the bear market that started in 2007 was interrupted, BUT NOT ENDED, by the Fed.  Somewhere ahead, I believe this bear market will run to conclusion.  I also believe that the great recession never ended, but was masked by the “manufacture” rally in the stock market.  Thus the reason that the Fed cannot produce its much-wanted 2% inflation is that the deflationary pressure of the great recession is still in force.  The stock market continues to struggle higher, with the needed help of the Fed’s QE and zero interest rates.


The question of the year will be how the markets react when the Fed's QE starts to fade.  Sensing the deflationary pressures, the Fed has backed off on the imminent end to its zero interest rates.  The latest is that zero rates (ZIRP) will continue far into the future.  My investment stance continues to be holding physical gold and silver with just enough cash to get me by on a daily basis.  Incidentally, I noted that with gold down on Thursday, silver held its price, indicating that on a relative strength basis, silver may be outperforming gold. 


Interesting, all the gold ever mined is still available and in existence, whereas silver is used up for industrial purposes.  As for the stock and bond markets, they have been rising on the basis of Fed manipulations.  Since the forthcoming actions of the Fed are unknown, the stock and bond markets are functioning at high risk.  Meanwhile, money managers are frantically searching for income or profits.  So the question is -- is the risk worth the potential reward?  As far as I'm concerned, the potential profits in these markets are not worth the risk. 


I'm increasingly worried about holding dollars.  We can still trade in tangible unbacked dollars for real wealth, silver and gold.  I'm buying all the physical precious metals I can, while they are still available.


I think we are seeing the greatest transfer of wealth (West to East) in all history.  China is amassing a huge hoard of gold while I don't know how much the US and the English speaking nations actually have.  The western central banks’ policy of selling gold to knock down the price is a disaster (and China must love it).  The US will lose its reserve currency advantage within a few years or probably less time.  Our defense against a weak economy is always to print more money.  In a matter of months, I see the dollar crashing.”


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 Victor Sperandeo, Dr. Philipa Malmgren, Grant Williams, Dr. Paul Craig Roberts, Bill Fleckenstein, Gerald Celente, Dr. Marc Faber, Egon von Greyerz, Rick Rule, Ben Davies, Art Cashin and Eric Sprott 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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