Richard Russell: Speculative Phase Of Gold Bull Lies Ahead

``"I’m going on the thesis that the highly speculative phase of the gold bull market lies ahead... Often, more money is made in the third or speculative phase of a bull market than is made in the first and second phases combined. This can mean that the late-comers to bull markets often make a fortune, more than those who had the courage to buy early in the game, but they have to have fortitude to sit in the highly volatile second/third phases."''