On the heels of continued volatility in the gold market, the Godfather of newsletter writers, 90-year old Richard Russell, put out a quick note about a breach of a key price level that will spark a massive short covering melt-up in the gold market.  The 60-year market veteran also discussed the anxiety gold traders have been experiencing.

Russell:  “Gold has been highly volatile over recent weeks. Thus, those who have attempted to trade gold must be poor and exhausted. I have sat with physical gold over recent months and have never suffered anxiety or lost a night of sleep. I never planned to create profits from my gold position, I simply wanted to retain my purchase power. So I bow to gold, the King of Currencies – in gold we trust. … Gold trading at $1,215 or better will, I believe, set off a short covering melt-up in gold.”

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

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IMPORTANT – KWN has many more interviews being released today.

The audio interviews with Rick Rule, Bill Fleckenstein, Ben Davies, Greyerz-Turk-Stamm, Gerald Celente, David Stockman, William Kaye, Dr. Paul Craig Roberts, Andrew Maguire, Eric Sprott, Rick Santelli, Michael Pento, John Mauldin and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.

Eric King