Tuesday, January 25, 2011

Richard Russell -get out of your dollar assets now!



Dollar
And now for a Gold chart for the opposite view.
Gold

Then there's this from Harveyorgan's site: There have been rumours that certain hedge funds and sovereign wealth funds are willing to take possession of all gold and silver. In gold it is the February month and in silver it is March. If this is true, the game is over as there will be a default at the comex

which will bring on defaults at the SLV and GLD, and then a default at the Bank of England, and then all the banking system in the USA. I will be watching this closely.
So in the conclusion, we saw a massive contraction in OI with respect to gold, which is in itself extremely bullish as the cartel washed away all of our weakest longs. Those that are now standing after a month of pummelling are in strong hands.
In silver, we saw no liquidation. If the long holders here are sovereign wealth funds, then they are also in strong hands and quite capable of bringing down the usa financial system.
COT

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