Richard Russell is today's best Dow Theory practitioner. Last night in LeMet the following comment was given:

"The legendary Richard Russell, and now a subscriber to GATA’s way of looking at the gold market, upped his bullish gold ante last night."

Below is a few snips from RR's latest where he quotes The Daily Telegraph. This is very unusual for Mr Russell to focus on gold. It has been mostly a background theme where he bought a few coins for family "just in case".

All the fundamentals are in place for a big run in gold. The "hot money" has found a new friend: gld and gold stocks.

...... big money pension and mututal funds are betting big on gold too.

..... A few days ago the world learned that a leading fedge funds manager, John Paulson has started to place some very big bets on gold too.

... when Paulson makes a move, te entire financial world watches.

I find this very encouraging. In my model I have included factors for sentiment and investor mood toward the p' metals. It has always had a negative rating since the early 80's. Even though its coefficient is small, turning form 0 or negaitve into positive territory is significant. RR and Paulson are as main stream as it gets. The only thing more bullish would be if the cabal replaced all its shorts with longs or if we started seeing gold moves reported up in the evening news every day and all the cooler talk was about the latest gold stock, as we saw in the late 70's and early 80.

Our day is comming.