I love to read Richard Russell, and his views on gold have certainly been vindicated over the past 3 years or so. He sees even better things ahead for those holding gold:

But this time, gold's relative strength broke out to its highest level since 2003. This is important, and it tells us that something is changing. I believe we are now seeing a primary trend change away from financial assets and towards tangible assets. Or to put it another way, I believe we are seeing a primary trend change away from items denominated in paper dollars and towards gold or real money.

However, even Russell views the current levels as overbought, and suggests waiting for some kind of retracement before buying new positions.