Richard Russell – Gold, Stocks & Massive Fed Manipulation

Wednesday, July 11, 2012
By Paul Martin
July 11, 2012

With continued uncertainty in global markets, the Godfather of newsletter writers, Richard Russell, wrote, “…we see the stock market up on Fed-created stilts … I’m stating that deflationary and deleveraging forces are still in command, and all the Fed’s manipulations are, and will, fail to turn the bear market into a new bull market.”

Russell also pondered, “Yes, we had the usual late-session rally … Is the Fed buying the Dow at the close? It wouldn’t surprise me.” But first, this is what Russell had to say about gold: “Most of my subscribers are interested in gold. All I’m going to say about gold is wrapped up in the chart below. Here we see gold in a large rectangle formation. The 1550 level has been tested numerous times and it has shown to be solid support.”

Richard Russell continues:

“Now gold has its choice of breaking out on the upside of the rectangle or on the downside … It’s obvious that there are buyers at 1550 or below, and that there are sellers near the 1800 area. All of which has given us a trading range of almost one year.

The Rest…HERE

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