Richard Russell – America In Trouble As Gold War Rages
August 20, 2013
On the heels of continued volatility in key global markets, the Godfather of newsletter writers, Richard Russell, warned about the severe problems the United States is facing. Russell also wrote about gold, and included some fantastic charts which covered everything from the withering consumer, to the ongoing war in the gold market.
Richard Russell: “I don’t think the public is aware of the problems that are arising in America’s cities … What’s really happening is nothing like what the government reports to us through their frequent rosy announcements. But it won’t be long before the US public realizes the ominous drift that the nation is sinking into.
Maybe the best indication is the sudden slowdown in sales at mighty Wal-Mart. It’s clear that the public is at least beginning to “pull in its horns.” A recent poll tells us that the majority of the US public believes that the nation is still in a recession.
So what are the charts telling us? We might as well start with the biggie, which is Wal-Mart. Here we see declining tops with a huge surge of volume on last Thursday’s sell-off. MACD has rolled over and is in a bearish formation.