After eleven years of a gold bull market, Richard Russell, the author of Dow Theory Letters, still believes that the metal has room to run.
That’s even if it can’t surpass its 2011 close of $1566 per ounce this year.
King World News cites an excerpt from Russell’s recent newsletter:
I believe the gold bull market is still intact. If gold cannot make a new high in the year 2012, be prepared to hear the anti-gold element scream to high heaven that the gold bull market is over. They will be wrong. We still have not seen the third speculative phase of the gold bull market, but that phase lies ahead.
Russell argued that gold has been seeing strong support at $1550, though the metal “will have to really ‘step it up’ if it is to surpass 2011’s 1566.”
Read more at King World News.