- Richard Russell – This Terrifying Financial Collapse & Gold !
With global markets trading in a sea of red, the Godfather of newsletter writers, Richard Russell, issued the following warning: “… it is dawning on Bernanke that the Fed cannot defeat the powers of deflation and the primary bear trend … and Bernanke knows it, but cannot talk about it – it’s too frightening.” Russell also discussed gold at length, but first, this was Russell’s disturbing conclusion regarding the precarious situation we face: “The Russell view — The Fed and all central banks are fighting the implacable forces of global deflation. This is really the primary bear trend that I’ve been writing about. It’s the result of a fundamental change in the world markets. Suddenly, within the space of a few years, Asia has entered the global economy.”
Sadly, the whole world is searching for income and safety, and the fact is that there is no income and there is no ultimate safety. Then how does one build wealth? The Asians know the answer to that — YOU BUY and HOLD GOLD — and exercise a lot of patience. …. It’s tangible and not the fantasy-creation of central bankers. Gold does not need a sponsor or the acceptance of an expert (such as pricing a Picasso painting), because all gold is intrinsically the same. Gold does not tarnish nor does it degenerate — the gold in your watch may be the same gold that Cleopatra wore around her neck.