Dow Theory Letters Richard Russell has been pounding the table on gold for some time, but he reached a new level of enthusiasm this past evening:

"Meanwhile, a great bull market starts... a bull market that mirrors the demise of the dollar. Gold is priced in dollars, and as the dollar weakens, it takes an increasing amount of fiat dollars to buy an ounce of gold. Beginning in 1999, gold started up in a primary bull market. In my personal opinion, this is fated to be one of the greatest bull markets in history. It will be a bull market built on not one, but two powerful human emotions -- both greed and fear. The speculative third phase lies ahead. Slowly but surely, the US public will finally realize that the US government is bankrupt both morally and monetarily. People will panic into gold... I believe that there will be a world panic to buy gold. This will set off one of the wildest and most explosive bull market in history."