Pierre DuPlessis of Investment Postcards is not a goldbug, but he could be pegged as a fellow traveler. (I remember his work being posted regularly at a now-defunct goldbug forum.) His latest Postcard contains a lengthy quote from one of the giants of the market-letter field, Richard Russell. Mr. Russell's in a bit of a quandrary over gold, as he seems to believe that gold's about to go into the speculative third stage of its bull market. In the third stage, which becomes increasingly momentum-driven, "overvalued" becomes less meaningful.
M. DuPlessis, however, is more skeptical. He thinks that gold is due for a pullback, which will create a buying opportunity.
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