Richard Russell’s Latest Comment

This is a guest post by Jordan Roy-Byrne CMT at The Daily Gold.

Richard_RussellRichard Russell is the dean of newsletter writers, having started in the 1960s or 1970s. He has been bullish on Gold since 2000. I know a lot of folks like to say they were bullish on Gold in 2000 or 2001, but that is just dishonest. It is the folks like Russell who count, because they were the ones calling for a historic bull market, not just a rally.

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Gold — There’s still loads of scepticism about the rising price of gold and the bull market in gold. It’s been so long since the US public (since 1971) realized the gold was real, Constitutional money, that they don’t know what to make of the gold action. They think gold near $1200 an ounce is expensive and they’d rather have dollar bills. I’ve coined the phrase, “dollar-bugs” for these ignorant Americans. I guess they’ll have to get educated the hard way, which means holding on to their fading Federal Reserve Notes, no matter what. As far as I’m concerned, it’s an amazing example of mass brain washing. “Hey, I’d rather have junk paper turned out by the Fed than the real thing — gold.” Pathetic. And the happy thought is that you can (legally) still swap your junk fiat paper for gold.

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