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History Shuns Fiat Currencies

By Richard Russell


Almost every day a subscriber sends me some material about WWII. To my mind, war is always an abomination. I don’t think the word civilized can be applied to the world as long as we indulge in wars. I spent three of the worst years of my life during WWII.


Turning to the markets, the stock market is range bound as far as I can see. As I write 45 minutes before the close, Industrials are up 133 and still above the 18,000 support level. Transports are up 107 and holding above their 8,000 support level. Utilities are also up.


The dollar is higher, and is probably the key item in the world’s markets. Gold is flat, having broken below its support at 1200. Silver is down and continues to act better than gold. I continue to hold physical silver and gold plus a substantial position in Tri-Continental Preferred.


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