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Richard Russell: ‘Great Gold Tsunami’ Still Ahead

Tuesday, 03 May 2011 08:24 AM

Richard Russell, the longtime newsletter writer and author since 1958 of The Dow Theory Letters, sees an inevitable “panic” into gold that will push the precious metal much, much higher.

"If the temperature of full gold fever is a hot 106, we're only at 99 now, but I can feel it, I can tell you that the temperature is rising, rising,” he writes in a recent issue of his letter, cited by SeekingAlpha.com.

"The panic to buy gold will override everything else. It will be one of the greatest financial phenomena that most of today's investors will ever see. It will blot out everything else like a cloud blotting out the sun . . . After the calm, comes the storm. We've been watching 10 years of gold climbing amid an atmosphere of calm. The great gold tsunami lies ahead. It will be historic.”

gold200APuseme.jpg
Gold price keeps rising.
(AP file photo)
Gold for May delivery hit $1,573.10 per ounce on the Comex exchange, reports Dow Jones Newswires. The climb has largely been built expectations of a much weaker dollar and the potential for a U.S debt default and potential hyperinflation.

The U.S. Dollar Index future is trading at 72.89, down sharply from its 52-week high of 88.71. The record low for the buck on the index was 71, back in June 2008, as commodities soared and U.S. stocks were just beginning their recent historic plunge in value.

"If the dollar continues to weaken, then it's only likely to boost gold as well as silver as the inverse relationship between the two assets persists," Ong Yi Ling, investment analyst at Phillip Futures in Singapore, told the BBC. "I would say that for gold I am still looking for it to hit $1,600 this year."

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Richard Russell, the longtime newsletter writer and author since 1958 of The Dow Theory Letters, sees an inevitable panic into gold that will push the precious metal much, much higher. If the temperature of full gold fever is a hot 106, we're only at 99 now, but I can...
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2011-24-03
Tuesday, 03 May 2011 08:24 AM
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