Turning to the stock market, this market is as directionless as any I have ever dealt with. I've given it a lot of thought as to the correct investment stance. My conclusion is that I will sit with gold and a small amount of cash and simply await developments.

In reading many investment advisories, I note that many highly intelligent advisors are warning of a deadly market crash. Others present long lists of stocks to buy. Still others note that the reason the stock market has been doing as well as it has is based on the manipulation of the Fed and its copious portions of QE. I don't see anything wrong with the position of standing still and observing. My stance is to sit with gold, and to watch history unfold. Every speck of gold ever discovered or mined has value today. This is a fact that gold haters choose to ignore. Gold represents pure wealth and it does not need the backing of any group of men or of any nation. The dollar was originally described as a specific weight of silver. Gold is both a currency and an item of pure wealth. Gold is frequently mentioned in the Bible, and desire for it is built into the DNA of the human race. I've chosen to sit with gold and watch history unfold. If the market continues higher, I will not be envious, since I am where I want to be. If the market lapses into a bear market, I'll be happy to be on the sidelines, and I'll hope for the best. These are my thoughts that have coalesced over the weekend.

- Richard Russell, Dow Theory Letters, March 10, 2014