As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, said that China is going to reveal the size of its massive gold hoard this year as prices for key hard assets continue to skyrocket around the world.

Richard Russell: "The question that haunts me is whether the US dollar has topped out for the duration.

King World News - Man Asked To Speak To Chinese Officials Says Gold Demand From China Is Insatiable Price Will Hit $2,000 This Year

China To Reveal The Size Of Its Gold Hoard This Year

Turning to China, its GDP will soon eclipse the US’s GDP. Personally, I don’t think China wants to surpass the US and be the new leader of the world. I think China wants to be on par with the US. We don’t know how much gold China has, but we do know that China is continually accumulating gold. It’s been a few years since China has told the world the size of its gold hoard. Before this year is out, I believe China will reveal its gold position.

The Desire For Power Is The Root Of All Evil

I’ve never seen a time when there has been so much confusion, secrecy and outright lying about the strength and weakness of various nations. This may account for the back and forth and erratic action of the markets. One thing is for sure: ultimately the truth will be out. Until then, we are forced to play the guessing game. Remember that our leaders will do whatever they must to remain in power. It is said that the love of money is the root of all evil. I say that the desire for power is the root of all evil.

The key to this market is probably the US dollar index. Whenever the dollar is down, gold rises in terms of dollars. Oh, for the good ol’ days when the stock market ran on supply and demand. Now, when economic news is poor, it means that the Fed will put off raising rates, which the market likes. The other possibility is that if it turns out the US economy is still in recession, a desperate Fed will probably fight the bad news with QE4.

If This Dangerous Situation Gets Out Of Control, What Will It Mean For The World?

Unintended Consequences Of Central Banks Spewing Out Fiat Currency

As central banks of the world continue to spew out fresh fiat currency – all in an effort to lure the everyday man or family to step up his buying – so far, as we well know, this explosion of fiat currency has succeeded mainly in driving up the prices of the items that the wealthiest 1% of the world are attracted to. These items include priceless art, collectibles, classic cars, and selected gems and jewelry. Choice real estate in selected world cities is selling at prices in the multimillion dollar levels. A penthouse in New York has just been listed at $70,000,000, and a few offers have been turned down by the cooperative board. A painting by Klimpt was sold for over $100,000,000.

Peace Of Mind

My subscribers should be out of the market and enjoying nights of peaceful sleep. In truth, this market is not for sissies, and I wish it well. From my standpoint, the only thing in this business that matches a winning hand is everloving peace of mind. At this point, I doubt that bulls have peace of mind and I doubt the bears have peace of mind. But I, with my blank slate of investments, have the long sought after peace of mind." You can subscribe to Richard Russell's 90 years of wisdom and remarkable writings at Dow Theory Letters by CLICKING HERE TO SUBSCRIBE.

***ALSO JUST RELEASED: Man Asked To Speak To Chinese Officials Warns Elite Have The World Headed For Disaster CLICK HERE.

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Eric King