In the aftermath of last week’s historic Swiss move, today the Godfather of newsletter writers, 90-year old Richard Russell, proclaimed that the gold bull has just spit in the Fed’s face by breaking out of its massive base, even as the worldwide depression continues to grind on.
Richard Russell: “The world depression has settled down on mankind. In the meantime every nation is struggling to cheapen its currency. One way of doing this is that central banks are creating new trillions of assorted world currencies. It’s rapidly dawning on the wealthy one percent that the fiat currencies they hold are fast becoming worthless. The worst of the fiat currencies have suddenly come into question. The reaction of big money is to swap their garbage currencies for the only currency that has held its worth in all of history – gold.
Already you can feel the sweep of the new rush into gold. The base is now complete for the resumption of the bull market in gold.
Below is the chart that every follower of truth in money has been waiting for. It’s the big breakout from the three-year correction in gold. The chart is telling us that the great base in gold has been completed. Gold has broken above both of its moving averages and is spitting in the face of the Federal Reserve.
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