and this from someone who has been writing a newsletter for...

and this from someone who has been writing a newsletter for ?more than 50 years now:

Russell Comment -- It was no mistake. The market was very vulnerable (as I've been saying week after week), and I see another crash (or more crashes) ahead. The bear is back, He's been held back for months, he's furious, and he's issued his initial warning. The 1000 point Dow warning has been denied by the NYSE, the administration and the Fed and most clueless newspapers.

I've been warning my readers to prepare since the first of the year and be careful and expect disruptions. I am usually early, like "the boy who cried wolf," but it is starting to look like I was not over-reacting. What "unsettled" the markets was much more than Greece's debt issue. Who knows how long it will be before similar Crises hit our shores, we are in worse shape than Greece and if not for QE it likely would have already happened. The truth is that at some point these issues will hit the US. When they do, we'll face the same problems that Greece is facing. The result will likely be default. In order to buy some time and keep the crisis away, the Fed and other central bankers will attempt to inflate the issues away.

When inflation takes hold, by year's end, gold will be the only "currency" worth holding. Gold seems to be sensing this and is acting like "the canary in the mine shaft" and has broken out of its trading range of the last four months:

This is a strong chart. If Gold remains above $1,150, we're going to see a re-test of the December highs. The powerful rally following the long-term breakout in early April continues to gain strength and the Gold Currency Index closed at a fresh all-time high for a second straight week. Technical indicators are bullish overall on the weekly chart, suggesting that this move can certainly go much higher. Is there any doubt that gold is now the currency of choice around the world? If you have been watching this "primary" bull market in gold since 2001, it is not a surprise to you. But it looks like traditional investors are finally catching on.