I've said before that we've already gone through the first psychological phase of the gold bull market, and that we're now deep in the second (usually the longest) phase of a bull market. If my instincts are correct, the third speculative phase in gold lies somewhere ahead. Forget timing for the third phase, it doesn't matter -- somewhere ahead new comers will know the meaning of the phrase, "THERE'S NO FEVER LIKE GOLD FEVER." Often during the third phase, the item makes more for investors than all their profits through the first and second phase.