gold in a negabubble!!

This from Today's Richard Russell report. Sorry, I can't reproduce the chart.

Question -- There is a lot of talk coming from people who claim that gold is in a bubble. What do you think?

Answer -- I've discussed this erroneous claim before. From my personal experience, I've ascertained that probably 99% of Americans own no gold, not so much as a single gold coin (do this test yourself, ask your friends and neighbors). But what about the more sophisticated and active pension funds? First, gold as a percentage of global assets is now less than 1%. Back in 1968 gold as a percentage of global assets was near 5%. Thus gold today represents only a tiny percentage of global assets, hardly the sign of a bubble. If there was a word for the opposite of a bubble, gold would fit that word. Maybe I should coin the needed word; how's this -- "Negabubble." OK, gold is in a negabubble."

Below we see a chart showing the percentage of gold holdings in a typical pension fund (chart courtesy of Frank Holmes). Actually, the typical pension fund holds almost no gold at all.

Thus, the road is clear for a great build up in the possession of gold by the American people and US funds and pension funds. As I write, gold is sitting at new all-time nominal highs. It reminds me of a saying by Oscar Wilde, "I can resist anything but temptation." And I wonder, how much longer will American continue to resist new highs in gold?