Richard Russell – Gold & China’s Plan To Take Over The World
October 8, 2012
The Godfather of newsletter writers, Richard Russell, had a great deal to say about gold, markets, China’s plan to take over the world, and lies ahead. Here is what Russell had to say in his latest report: “Frankly, I can’t remember dealing with a weird situation like this before. Strange, we’re waiting for new highs in the Averages, and at the same time we’re waiting for gold to break upside into the 1800s.”
Richard Russell continues:
“Let’s be honest. What would we do with our gold if it rallied to 1800 — and then above 2,000? Actually, I wouldn’t do anything with my physical gold, any more than I’d do something with my house if the real estate market got hot and my house was suddenly worth more.
What would I sell my gold for? Sell it for dollars, for euros, or for renminbi? Or trade it for a Ferrari? No thanks, if you have physical gold, don’t touch it, sit on it, and save it for a rainy day. When the economy starts raining, and the dollar collapses, you’ll be glad you have something of value. ‘Patience, patience’ is the right stance.
Gold — walkin’ up the blue trendline. The moving averages show a ‘golden cross.’ Sure, gold is overbought, but let’s see if it can stay on the ascending trendline. Look at the expanding volume on (Friday’s) rise to a new high. I’m still waiting patiently for 1800.