by Peter Brimelow, MarketWatch:
First, a proprietary purr. Let the record show that MarketWatch’s Mark Hulbert wrote before Friday’s bounce: “Someday, gold will wake up from its dreary, listless state and take off.
“And, if contrarian analysis is right, that day will come sooner rather than later.” (
See July 13 column )
Hulbert reported that the average reading over the last four months of the Hulbert Gold Newsletter Sentiment Index (HGNSI), which reflects the average recommended gold market exposure of a subset of short-term gold timers tracked by the Hulbert Financial Digest, was minus 3.3%.
He noted: “You have to go back as far as 1991 to find another four-month period in which the average HGNSI reading was this negative. Gold at that time was trading around $360 per ounce — or around $1,200 an ounce lower than where it stands today.”