Richard Russell: Gold & Silver moving into their third (speculative) phase

Richard Russell's latest comments on the action in the gold and silver markets:

As I said, the gold action is changing -- what's happened to the profit taking? Gold buyers have stopped taking profits, the are buying and sitting with their gold. Physical gold has now been swept off the market. Coins are only sold by dealers with big premiums over spot -- that is, if you can find a dealer who has any gold coins at all.

A few sites ago, I wrote that I believe gold and silver are finally moving into their third (speculative) phase. Seasoned investors are thinking in terms of the demise of the dollar and of all fiat money.

I am also of the opinion that we're going to see one whopper of a bubble in gold and silver before this commodity bull market is all said and done. Maybe $2,000 - $3,000 - even $5,000 gold - anyone care to jump in with a wild guess?