From Richard Russell in Dow Theory Letters:
 
[If] we've seen top and the highs, this market has nowhere to go but down. And down it will go. The only question in my mind is the form or pattern this bear market will take as it makes its way down to its inevitable bottom. At the bottom, assuming that the US is still in "functioning" condition, we'll see blue-chip stocks selling at incredibly low prices. The problem -- will we have the cash and the guts and the understanding to buy the bargain blue-chips?

Remember, now is your final and best place to raise cash. And if cash (Fed notes) are worthless by the time this bear market reaches its low, then we have gold. You can't devalue gold. You can't eliminate its value. Since pre-Biblical times, gold has been the one standard of value. "Why is that?" you ask. And the answer is that gold is imbedded in the DNA of man. Nothing else has ever been discovered or developed to take gold's place. Nor has any argument or rationale diminished man's eternal lust and desire for gold.

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

More from Richard Russell:

Richard Russell: The bear market is coming

Richard Russell: Don't be fooled by bear market rallies

Richard Russell: Why the bull market in gold has much farther to go