Editor note: The headlines jumped out at me. There are always four headlines at King World News, but today all four were talking about a stock market crash happening now. I share some of each article here with links to the full article. This looks very serious.
I put this morning’s Kitco SILVER chart at the bottom as a reminder, as well as a picture you may look back on with either pride or shame depending on how much grossly undervalued silver you pick up at these prices.
– Ted
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A World In Denial, Headed For Full-Blown Panic As The Global Economy And Stock Markets Crash
Today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events warned King World News that the world is in denial and headed for full-blown panic as the global economy and stock markets crash.
“Jesus you can’t make a buck in this market, the country’s going to hell faster than when that son of a bitch Roosevelt was in charge. Too much cheap money sloshing around the world. The worst mistake we ever made was letting Nixon get off the gold standard.” — Lou Mannheim (Wall Street)
The Perfect Storm
Egon von Greyerz: “Eric, the perfect storm has now started. And this storm will turn into a hurricane probably within the next two months. So in the next 60 – 90 days we will see all stock markets go down by at least 25 – 30 percent and likely a lot more. And we could see gold reaching $2,000 and silver $50 within that time….
Continue reading the Egon von Greyerz interview
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Art Cashin – Prepare For More Downside After This Week’s Stock Market Plunge, Compares Action To 1987 Crash
On the heels of the Dow plunging more than 530 points, today a legend in the business spoke with King World News about this week’s stock market plunge, the 1987 Crash, and why people need to brace themselves for more downside.
50-year veteran Art Cashin warned the carry trade is unwinding and people need to brace for more downside
Eric King: “Art, you warned KWN last week that this global liquidation could turn into a cascade of selling. It seems to be unfolding exactly as you predicted. I know have over 50 years of experience in the markets but how did you know this was going to take place?”
Art Cashin: “I was surmising how the situation was unfolding — what was beginning to occur in the currencies of the emerging markets and how it would inevitably begin to lead back into our markets. In fact, I’m a little bit concerned about how the Chinese market closed last night (down over 4 percent).
They broke through a support level where they had bounced several weeks ago. They are now just barely above 3,500 and this is due in large part to a very big effort by the Chinese government (to stop the hemorrhaging). So this play does not appear to be over. Next week will be critical and the first place we will be looking is to China’s market when it opens Sunday night our time.”
Eric King: “You also warned last week on KWN that this worldwide liquidation could morph into a full-blown 2008-style collapse.”
The Carry Trade Is Unwinding As Contagion Spreads
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Bill Fleckenstein Warns Stock Market Plunge Will Accelerate – Compares This Week’s Action To The 1987 Crash
On the heels of global market continuing to plunge, today one of the greats in the business warned King World News that the stock market plunge will accelerate, and he also compared this week’s action to the 1987 crash.
Don’t Expect An Orderly Decline In The Stock Market
Eric King: “Bill, you’ve been warning for quite some time that we could see the stock market crash. KWN noted that you had already gotten 50 – 60% short the stock market as you had restarted your short fund. That certainly turned out to be impeccable timing on your part. We’ve started this downdraft in the markets, is there no end in sight to the decline or do we get a bounce from here?”
Bill Fleckenstein: “I have told you in the past that the stock market was crash-prone for a variety of reasons. I did not think there was going to be any way for an orderly decline to actually take place — orderly being what people who are bullish think that the decline ought to look like….
Continue reading the Bill Fleckenstein interview
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Richard Russell Warns We Have Now Entered A Bear Market In Stocks And Fred Hickey Expects A Huge Rally In Gold!
On the heels of the Dow plunging 360 points, the Godfather of newsletter writers, 91-year-old Richard Russell, just warned that we have entered a bear market in stocks, plus Fred Hickey expects a huge rally in gold!
August 20 (King World News) – The Stock Market Has Turned Bearish
Richard Russell: “As subscribers know, I wish the best for America and believe that America is the hope of the world. Yet there are a few things that worry me.
I believe the US economy is sinking into recession as described by John Williams of Shadow Statistics. I believe we are in a period of deflation and deleveraging. I am convinced that the Fed knows the economy is contracting and this is the reason that they have not yet raised rates.
Professionals Selling Stocks To An Unsuspecting Public!
There are now 10 distribution days* in the S&P and 4 in the Nasdaq. Thus it is clear that many institutions are stepping to the sidelines. A combination of ten distribution days in the S&P and 4 in the Nasdaq comes to an ominous total of 14, and it puts the market under pressure.
As I write at the close, the Dow is down 357 and has broken below the critical 17,000 level. Transports are down 207 and have closed only 92 points above the 8,000 level. The Nasdaq has cracked the 5,000 level, down 141 to 4,877. To top everything else, my PTI is below its 89-day moving average.
Mighty Apple (AAPL) the world’s highest capitalization stock, closed down 2.36 to 112.65. The US dollar index closed down 0.42 to 95.94. Dollar holders are getting the message that the US economy is in trouble. At the stock market close, gold was up 18.6 to 1152.7 and silver was up 24 cents to 15.55. It is increasingly probable that the lows in the precious metals have been seen.
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