[b]With continued uncertainty in global markets, the Godfather of newsletter writers, 91-year-old Richard Russell, covered everything from global scenarios too wild to consider to the golden key.[/b]
[size=18]October 22 (King World News) – Richard Russell: “No change in my advice for investing over the long term, precious metals should hold their value and be relatively safe. The good news is that president Putin of Russia appears to be peace minded and willing to work with the US.[/size]
I’ve never dealt with a market that is so sensitive to news. If you know what the Fed is planning, you know what the market will do next. The Fed is dying to normalize short rates. But the Fed is very uncertain about the US economy. This tells me that the Fed will hold off on raising rates for as long as it can. The fact is, the Fed is confused and the man in the street knows the US has sunk into recession.
However I cannot think that the U.S. has gone through its revolution, Civil War and WWII only to sink out of sight as a second class nation. Therefore I am a bull and I believe in America.
Global Scenarios Too Wild To Consider
I’ve been reading about all sorts of global scenarios, many of them almost too wild to consider. My thinking now is that it’s impossible to construct an accurate scenario with so many cross currents going on in the world and in the stock market.
This market is trading strictly off the possible actions of central banks. The stock market has lost much of its predictability and now operates as an attempt to out-psyche the central banks.
The weather in California has finally cooled off and we now have beach weather, which is strange when you consider that this is October. I’ll probably go to the beach on Christmas day. The ocean recently has been 73 degrees, the warmest I can ever remember.
The Golden Key
I just re-read The Golden Key and figured out a phrase to use often: “God is with me.” After awhile it ceases to be mechanical and your subconscious accepts it. I repeat it all day long, and it seems to lessen or soften my fear.”