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Gold Bug Profile: Richard Russell

JP Buntinx
April 26, 2020

Over the past few decades, multiple gods bugs have come and gone. Some of these individuals are no longer among us, including Richard Russell. That doesn’t mean they shouldn’t be remembered, however, as everyone has contributed – or still contributes – in their own way even today.

Who was Richard Russell?

Most people who have spent a few decades on this planet will have come across the name Richard Russel. Although Richard sadly passed away on November 21 in 2015, he has been an active contributor to the finance industry in his own regard. 

Russell is most “famous” for his Dow Theory Letters newsletter. Initially created in 1958, The letters covered multiple financial topics, including the stock market and precious metals. Even despite Russell passing, the letters are still widely regarded to be of incredible value.

Over the decades, Russell got a positive reputation for making multiple “exceptional market calls”. Back in 1960, Russell was the first to recommend gold stocks as an investment option, an assessment that has certainly put a bigger spotlight on that particular industry. 

Russell also called the top during the bull market run affecting stocks in 1966. Eight years later, he successfully declared the bear market to be over again. Both predictions came true at the projected time, further adding to his reputation within the financial sector.

Richard Russell on Gold

By actively covering the precious metals market, Russell gained a lot of insights into gold, silver, and other popular assets. It is this knowledge that allowed him to have  a solid opinion on these assets altogether and share those with readers of the Dow Theory Letters. 

Roughly a decade ago, Russell hinted at how the gold price was on its way to record highs. It did not take long for that vision to come true, as gold effectively hit a 1.1 to 1 ratio with diamonds on the NYSE through its GLD:DIA listing. 

A lot has changed in these past 11 years, but it just goes to show that analyzing different markets needs to be done through various efforts. It is important to look just beyond the US Dollar value of gold or any other assets on the market today.Their internal relation with other similar assets can often tell a very different tale compared to looking at flat values.

Richard Russell and the $6,000 Target

One interesting gold price prediction by Richard Russell came in 2011. This is a time when Russell was upset by something Warren Buffett said. That latter person claimed that gold should be denounced at that time, a comment that didn’t sit well with gold bugs all over the world.

It was also at this time that Russell made the boldest gold price prediction. He remained confident that gold would eventually hit a value of $6,000 per ounce. It is not impossible by means, as he claimed how gold only multiplied in value five times. There is no reason to think it could not keep multiplying from its $255 value when a major bull run occurs. 

So far, there are ample expectations of the gold price hitting $2,000 in the coming months. Bank of America recently pushed that target to $3,000 in the next 18 months. That would still only be at the halfway point initially envisioned  by Russell, thus the coming years may prove to be incredibly interesting.

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