Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Richard Russell: "I think we’ll see selling of gold to cover losses (particular losses by the short sellers), but ultimately gold will be the last man standing. But most important — GET OUT OF STOCKS."
The BDI lost almost 75% of its value from early 2010 to early 2011. No market crash.
The index is also so low because the shippers went crazy and ordered a ton of new ships built in 2006-2008. Those ships came online in the last year. Flood the market with ships and pricing will come crashing down. This is precisely what happened.
The question is whether the global economy is growing, weakening or stagnant.
Richard Russell: "I think we’ll see selling of gold to cover losses (particular losses by the short sellers), but ultimately gold will be the last man standing. But most important — GET OUT OF STOCKS."
Well, if there's one other guy whose opinion I respect as much or more than Jim Sinclair's, it's Richard Russell. Since he is saying that gold will be sold off, for me - this means staying in cash with any "free funds", and even no more precious metals buying for now......which is not my norm........
Is Russell's letter posted anywhere?
Thank-you for posting this. Russell is the consumate technical analyst, as far as I'm concerned...
Added: from what I'm reading, Russell has become wary back in October, and in late December he issued that warning.
The BDI has just achieved its projected bottom via a massive 2 yr H&S pattern (2009-2010 via log chart). Maybe it goes lower but it has achieved a target that months ago would have seemed ludicrous. As Cohodk said what does it really mean? It's not a proxy for the stock market.
I think that quote from Richard Russell is months old. While he did say sell all your stocks back then he said he was keeping his miners as eventually they would come through for him...even if it meant some short term pain. And boy did they go some pain in December! In any case the stock market didn't self-destruct yet but has gone only higher. Don't underestimate the power of QE "X," otc derivatives, the PPT, the FED and all their merry men. On Nov 15th RR said don't sell your gold. But that was just as it was headed south from $1800 and eventually would fall over $200 more. No one has on a lock on shorter term predictions or timing of gold buys.
Comments
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
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<< <i>a very interesting chart. MJ
MJ >>
$19.00 today would have been a perfect entry for a DT/ST
MJ >>
$18.34 today. They cant enough Treasuries. >>
Really dramatic when redrawn to weekly period.
Knowledge is the enemy of fear
Baltic Dry Index signaling major market crash
Are they really this stupid, or are they destroying the dollar on purpose?
The index is also so low because the shippers went crazy and ordered a ton of new ships built in 2006-2008. Those ships came online in the last year. Flood the market with ships and pricing will come crashing down. This is precisely what happened.
The question is whether the global economy is growing, weakening or stagnant.
Knowledge is the enemy of fear
Well, if there's one other guy whose opinion I respect as much or more than Jim Sinclair's, it's Richard Russell. Since he is saying that gold will be sold off, for me - this means staying in cash with any "free funds", and even no more precious metals buying for now......which is not my norm........
Is Russell's letter posted anywhere?
Thank-you for posting this. Russell is the consumate technical analyst, as far as I'm concerned...
Added: from what I'm reading, Russell has become wary back in October, and in late December he issued that warning.
At least, I found some excerpts from his recent newsletters here:
On reflection, I may not put my precious metals buying on hold. But I will be selective......just thinking out loud here.......
I knew it would happen.
Knowledge is the enemy of fear
months ago would have seemed ludicrous. As Cohodk said what does it really mean? It's not a proxy for the stock market.
I think that quote from Richard Russell is months old. While he did say sell all your stocks back then he said he was keeping his miners as eventually they would
come through for him...even if it meant some short term pain. And boy did they go some pain in December! In any case the stock market didn't self-destruct
yet but has gone only higher. Don't underestimate the power of QE "X," otc derivatives, the PPT, the FED and all their merry men. On Nov 15th RR said don't sell your
gold. But that was just as it was headed south from $1800 and eventually would fall over $200 more. No one has on a lock on shorter term predictions or timing of gold
buys.