From Richard Russell in Dow Theory Letters:

This nation is so riddled with lies and corruption, sometimes I wonder how the U.S. has survived the many centuries since the Founding Fathers gave us our great Constitution.

No wonder Fed Chief Bernanke fought so hard to keep the Fed's lending a secret. I just read in Rolling Stone magazine a story entitled "The Real Housewives of Wall Street." It seems that the Fed loaned bailout money of $220 million to the wives of two Morgan Stanley bigwigs. After his wife got a big taxpayers bailout John Mack, CEO of Morgan Stanley, bought a $15 million home equipped with a 12-car garage. Outrageous!

When you think about it, it's no wonder that Wall Street and the Fed hate gold. Gold exists outside the system. The Fed can't manipulate or create gold the way they do Federal Reserve Notes. When gold rises, as it has been doing, it hoists a red flag over Wall Street, the Fed, and the economy. Surging gold tells the world that something is terribly wrong. All the lies, corruption, and secrets of the Fed and the politicians can't erase the dire message of gold.

Gold is the protector and refuge of the common man. No wonder all the recent record highs in gold remain unreported by the media.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

The great Richard Russell on how anyone can become rich

Richard Russell: Why the bull market in gold has much farther to go

Richard Russell: Everything you need to know about gold in three sentences