And the Mother of All Bull Markets is…..

Posted by Richard Russell - Dow Theory Letters

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After reading this weekend’s literature, I had to wonder whether gold was heading down to around a price of zero. “I am now on record that gold has topped out and is headed for a major decline” writes friend Joseph Granville in his latest mailing.

The price of gold could fall a third from its recent high” warns Gene Epstein in the current issue of Barron’s.

Gold’s brief Reign” is the heading and warning from Murray Coleman in this week’s Barron’s.

How seriously should we take all this concentrated anti-gold talk? My own reaction is that these forecasters don’t know any more about the death of gold than does my Aunt Tilly. Sure, it’s an interesting and reasonable bet. Gold is in its eleventh year of an historic bull market, and gold has yet to be subject to a major killer correction. If you haven’t been in gold during this whole bull market, you probably hate gold and its performance and hope it goes to zero. Omaha Oracle Warren Buffett despises gold but adores stocks at this time. So why not bet against the yellow metal? If you’re right, you’re a brilliant analyst, if you’re wrong your predictions will soon be forgotten.

Richard Russell 08/29/11 Dow Theory Letters HERE to subscribe