Here’s a recent excerpt from Richard Russell’s Dow Theory Letters (courtesy of Financial Sense):
The gold bull market will not end with a fizzle and a whimper. It will end with intense speculation and widespread interest from the funds and the public. We haven’t seen that kind of activity yet, but I’m convinced that a period of wild speculation in gold lies somewhere ahead.
This is why I continue to beg my subscribers to load up with gold. As I see it, we are nearing a period of intense speculation that will be beyond anything seen before by the last three generations of Americans. Ironically, more money made in the final explosion in gold than was made during the first two phases combined.
Great bull market are seen maybe once or twice in a lifetime. The current “stealth” gold bull market has sneaked up on most Americans. The very phrase, “gold bull market” is sneered at by most analysts today. In fact, most of the comments on gold today come in the form of warnings; “Gold is too high.” “Gold is in a bubble.” “Gold will sink back below 1000.” “Gold is a fool’s play.”
Nonsense. Gold is moving ever-closer to it’s climactic speculative third phase. The negative comments about gold will only serve to make the gold bull market that much stronger. In this business, there is nothing more powerful than a primary bull market that has been denigrated, spat at, and held back for years.
You can read the full excerpt at FinancialSense.com.
Personally I have been (foolishly?) on the sidelines of the gold market recently, waiting (hoping, really) for a pullback. That obviously hasn’t happened.
And Russell doesn’t think it will – according to his commentary above, and a recent interview he conducted with Jim Puplava. He doesn’t see ANY resistance coming down the pike until gold approaches the $2,000 mark.
I’d highly recommend a listen. He lays out one of the best cases for gold I’ve heard.
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