kingworldnews.com / January 7, 2013
With 2013 now under way, the Godfather of newsletter writers, Richard Russell, told his subscribers that after being in the business for 60 years, he has never seen anything like this (described below). Russell also discussed the massive silver short position and gold’s eternal value. Here is what Russell had to say: “Bull market or bear market? Below we see a listing of the year-end cost of gold denominated in Federal Reserve Notes (these notes are now commonly called “dollars”). From a market standpoint, we’re looking at one of the greatest bull markets in history. But ironically, referring to “dollars alone,” this is one of the worst bear markets I’ve ever seen.”
Richard Russell continues:
“Bear market? Sure, back in the year 2000, for only 273 dollars you could buy one ounce of gold. But by 2012, you needed over 1600 dollars to buy the same one ounce of gold. The eternal value of gold doesn’t change. It’s the purchasing power of the Federal reserve note that has changed.
The price of gold in terms of “dollars” has now risen thirteen years in succession. But what is even more remarkable is the fact that most Americans have totally ignored (even despised) this remarkable bull market. Let a stock rise seven or eight years in a row, and it will be the talk of Wall Street and the talk of every social gathering in the nation.