Legendary investor and investment writer Richard Russell believes we're nearing the speculative, or mania, phase in gold:
Every major primary bull market that I have studied or lived through ends up with a wildly speculative third phase. This is the phase where the public and the crowd rushes head-long into the market. We saw this last in the years around 2000 when people bought any kind of tech stock. "I don't care what it is, if it's tech, just get me in!"
My belief is that we're now nearing the beginning of the third speculative phase of the great gold bull market...
Maybe the upcoming advent of gold dispensing ATM's was enough to tip Russell over the top.
How high will gold go? It's anyone's guess in a mania...remember tech stocks in 1999? Casey's Jeff Clark outlines his reasoning why he believes gold will go to $2,000...and then much higher...in this guest article.