As the world continues to digest breaking news out of Greece, today the Godfather of newsletter writers, 90-year old Richard Russell, discussed what central banks don't want you to know about a $199 trillion nightmare. Russell also discussed what this will mean for the gold and silver markets.
Richard Russell: "As subscribers know, I consider God’s greatest gift to be peace of mind. Gold and silver are peace of mind.
One thing I am certain of is that a hundred or a thousand years from now, silver and gold will still represent earthly wealth. If you own wealth, it is only yours while you're alive on earth. God is the source of all wealth and we only borrow it while we are alive. Even Bill Gates and Warren Buffet know this, and they have willed their wealth to charity upon their death.
“IT’S A ROLLOVER WORLD AWASH WITH MORE DEBT THAN BEFORE FINANCIAL CRISIS.”
That’s the headline that greets us in today’s Financial Times. In 2007, world debt was $142 trillion dollars and in 2014 world debt was $199 trillion dollars. The world’s balance sheet today is insane. Incredibly, instead of deleveraging, the world is continuing to leverage, sending world debt to $199 trillion dollars, which is twice its level in 2000. To offset this crazy debt, I believe it will be gold to the rescue. Strangely, every central bank is now buying gold. What do they know that we don’t? My thinking is that somewhere ahead, the price of gold will move substantially higher.
Ironically, Americans have been battered by years of anti-gold propaganda. Consequently, Americans own little or no gold. When the chips are down, the retail public is never in the right spot.
My advice to subscribers — put your cash into physical gold. If buying and holding physical gold is too difficult, my suggestion is to buy the precious metals in Canada through Central Fund of Canada (CEF), which I believe is now selling at a bargain price." You can access Richard Russell's 90 years of wisdom and remarkable writings at Dow Theory Letters by CLICKING HERE TO SUBSCRIBE.
***ALSO JUST RELEASED: Paul Craig Roberts – The Matrix Is Real & How It Will Affect All Of Our Lives CLICK HERE.
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