“Upside gold crescendo lies ahead,” says Richard Russell

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I often get asked: “What does Richard Russell say about the $350 decline in the price of gold?” The simple answer is that the octogenarian writer of the Dow Theory Letters remains unfazed, and is preaching the gold gospel as strongly as before. The excerpt below from his latest newsletter summarizes Russell’s viewpoint.

“Below are the last day of the year quotes for gold.

2000 — $273.60
2001 — $279.00
2002 — $348.20
2003 — $416.10
2004 — $438.40
2005 — $518.90
2006 — $638.00
2007 — $838.00
2008 — $889.00
2009 — $1,096.50
2010 — $1,421.40
2011 — $1,566.80

“This year’s close for gold marks the 11th year for a higher year-end gold closing. To my knowledge this is the longest bull market of any kind in history in which each year’s close was above the previous year. This fabulous bull market will not end with a whisper and a fizzle. I continue to believe that the upside gold crescendo of this bull market lies ahead. We are watching market history.

“I note the frustration and anger of the anti-gold crowd. To miss 12 years of rising prices is enough to make any investor furious with himself. I would guess that 99 percent of Americans have never participated in the gold bull market. Thus, sour grapes is the sentiment of the gold-haters. Happy to say my subscribers who listened to me in the early years of the gold bull market have enjoyed the riches restored upon them by the greatest bull market in history.”

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