From Pragmatic Capitalism:

Like myself, Richard Russell had been vocally skeptical about the parabolic surge in silver prices. But he isn't a believer in the silver theory. Russell says the recent correction is healthy, and he feels like the recent consolidation is setting the stage for the next leg up. In his latest Dow Theory Letter, the investment legend explained why he's bullish again about silver:

"Silver — According the Constitution of the United States, only gold AND silver are money. Silver is a lot cheaper than gold, and for a while the 'crowd' rushed in to buy silver as a 'safe haven substitute' for gold. Silver turned into a speculative bubble, and when the bubble broke, silver suffered a crushing drop from...

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More from Richard Russell:

Richard Russell: A "great gold tsunami" is coming

Richard Russell: "All-out" inflation is guaranteed this fall

Richard Russell: "Surging gold tells the world that something is terribly wrong"