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Russell opens with a quote:  “You cannot create wealth out of little slips of paper.” Ludwig von Mises

Russell:  Although gold is in a bearish descending triangle, it is holding above support.

I suspect the US public is really running out of money. I note the restaurants here in La Jolla are lacking customers. Last night I ate at one of my favorite restaurants, and I was the only one in the room. This lack of money seems to be affecting the big retailers. As proof, glance at the charts of the popular big retailers below.

Target appears to be fading and breaking down below its 200-day MA.

The word is that Walmart's same store sales are slipping behind last year's sales, and the stock has suddenly taken a dive.

Costco is super-competitive, but even this stock appears to be going nowhere.

As for gold, the spring and summer months tend to be negative for gold, ending with an extreme low for gold in July. Therefore, once we get past July, I expect better action from silver and gold.


I've been thinking about the whole idea of the Federal Reserve and the government openly lying to the American people. It's unbelievable that our representatives would have the unmitigated gall to feed us obvious lies. In the end the truth will come out, and the liars will (I hope) pay the price. 

We have been fed lies about the US economy for months on end. We've listened to lies about inflation; we've been told lies about our “healthy economy.” As far as I'm concerned, manipulation of the markets is tantamount to lying. Manipulating the markets (as per QE) is forcing the markets to behave in an unnatural way, thereby destroying the normal action of free markets and thwarting the forces of supply and demand. And I ask myself, what's behind these endless lies?

It's always a matter of money, position, and power. Thousands of men and women depend for their livelihood on employment at the Federal Reserve. They live in fear of losing their jobs. So naturally, one of their objectives is to preserve or endure their jobs. This means keeping the Fed alive at all costs. Underlying all this is fear. The fear in this case is that Congress may, one day, vote the Fed out of existence. So fear is really behind the lies, and thus the system perpetuates itself. Who, I ask, dares to tell the truth? The truth-teller in the end is too often squashed, and the lies go on. 

It's up to the private media to expose the lies. But, for instance, when the media faces the question of US gold, the media is somehow silenced. So the ever-present possibility that the truth will come out -- hangs in the balance.”

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