With continued uncertainty in global markets, the Godfather of newsletter writers, 91-year-old Richard Russell, covered everything from Warren Buffett to the Fed, a huge plus for gold and man’s greatest invention for frustration.
October 6 (King World News) – Richard Russell – “I’ve been thinking about the concept of making money. Money can provide two things: the first is security, in that money can buy a roof over your head and three meals a day. The second thing money can provide is stuff, mostly items that you use once and forget about, or items that you don’t really need.
Warren Buffett lives in a house he bought in 1956 and eats at most three meals a day. Most of his vast millions have gone to the Gates Foundation. His money has brought him fame, and perhaps the ability to do whatever he wants to do. Has his money brought him happiness? You’d have to ask Warren. His answer might surprise you.
The stock market is probably man’s greatest invention for frustration. Whenever you buy a stock, you hope that it goes higher. If it goes higher, you can sell it, pay the taxes, and buy whatever thing or object you want. As I’ve said many times before, personally, I value peace of mind above all else. We were incarnated on this earth to be better spiritual human beings. This has little or nothing to do with the accumulation of wealth. I equate love with peace of mind.
A Huge Plus For Gold
The financial news is bearish enough with US manufacturing barely advancing. This alone should stop the Federal Reserve from raising rates this year or even into 2016. Exports were the weakest link in the sluggish economic report. Exports contracted at a rate that matches the worst level in three years.
USA Today has an article which says that most of the top analysts are revising their predictions to the downside. With top analysts turning skeptical about the market and the economy, the Fed is left in limbo. Any thought of raising short rates will be laid to rest for the foreseeable future.
With the Fed unlikely to raise rates over the next year or so, this is a huge plus for gold.”