By Richard Russell in Dow Theory Letters:

I firmly believe we're witnessing a great primary bull market in gold. This bull market is opposing a long-term bear market in fiat or non-intrinsic currencies.

Since there is no discipline putting a limit on fiat-currency production, I believe in our lifetimes we will see the end of fiat currencies as acceptable substitutes for real money.

When that happens, there will be no ceiling for gold. In their guts and in their hearts, every seasoned investor knows this, which is why the bull market in gold will continue.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from the great Richard Russell:

The one chart that scares Richard Russell

Richard Russell: There is serious trouble in the bond market

Richard Russell: U.S. caught in the jaws of a compounding "meat grinder"