Richard Russell – Gold & Silver Being Bought Up By Billionaires
March 25, 2012
With gold remaining in a trading range below the $1,700 level, the Godfather of newsletter writers, Richard Russell, had this to say about what is happening with regards to gold, silver, stocks, inflation and the Fed: “Technically, both the US and Europe are dead broke, and their GDPs would have to run wild on the upside to make the debt to GDP ratio more acceptable. How will it all end? It will end with the central banks churning out junk fiat inflation-adjusted money in order to service the debts. Meanwhile, the precious metals and other tangibles are being bought up by millionaires and billionaires as they await their turns to feast on the remnants.”
Richard Russell continues:
“The fact is that the Fed is happy with 2% inflation each and every year. Compound 2% inflation year after year, and you know what’s happening? — you’ve effectively wiped out the middle class. Between inflation, stagnant wages, higher taxes, and no jobs, the middle class has hit the brick wall like a fresh egg hitting the trunk of a redwood tree.
Why are you fearful, oh ye of little faith?” asked Jesus. And the answer is that I’ve been fearful all my life. It’s probably a result or a reaction from growing up during the Great Depression and having my wits scared out of me during my stint in World War II. Today’s young ones are fearful because they can’t find jobs. Stop worrying, guys and gals, believe me it could be worse.