Richard Russell – War, $10,000 Gold & Worldwide Collapse
July 22, 2014
At nearly 90 years old, the Godfather of newsletter writers, Richard Russell, warned that the United States has now sold its entire gold hoard as well as gold stored for other countries. The 60-year market veteran also discussed war, $10,000 gold, worldwide collapse, and included some fascinating charts.
Russell: “I think to myself — Maybe, just maybe, the world has become civilized. Maybe matters will calm down. Maybe millions of men don’t have to die. Maybe men and women have learned to overcome their FEARS. And maybe, after hundreds and thousands of years, humanity is ready to drop its primitive and savage ways, and follow Jesus’ wish for us: that we love our neighbors as we love ourselves.
When I was a freshman at Rutgers, war seemed glamorous and exciting. Two years later, when I was flying combat in Italy, war seemed like a ghastly horror, something I had nightmares about. I’ve never met a man who has been in combat, on land or sea or in the air, who didn’t despise war.
During World War II, 60 million soldiers and civilians died. Those of us who survived detest war and all those who thrust innocent people into combat against their fellow man. Are we former savages waking up and following the spiritual path to love? Is it too much to hope for? I keep writing and hoping.
Now I want to bring that thesis into the present. I hear daily about the horrendous circumstances that the US faces — rising interest rates, hyperinflation, debt disaster, deflation, war in the Ukraine, war is Gaza, fading GDP, unemployment, Millennials moving back with their parents. And this is only a partial listing of potential troubles.
… Currently, I’m more interested in capital preservation than capital appreciation.
To do that I’ve positioned myself with silver and gold. I believe gold is currently locked in a trading range of 1200 to 1400. If gold breaks out above 1400, that’s fine with me, but I won’t be selling my gold. Sell it for what? Sell it for the paper that I originally swapped for my gold because I didn’t trust the paper (Federal Reserve notes)? I’m aware of history. History tells me that all fiat money ends worthless.