Mark Hulbert checks in with some not so great news for gold bulls. Do you know what that news is? Gold bulls are alive, well and ready to call a bottom at the drop of a hat.
According to Hulbert…
“On the contrary, we now know — courtesy of the HGNSI’s jump late last week — that gold timers’ bearishness was only skin-deep, and that they stand ready to become bulls again at the drop of a hat. True bottoms typically are accompanied by bearishness that is much more stubbornly held than that.”
This does not necessarily reflect on the gold market’s ability to take a counter trend rebound, especially since the reading below was taken on Thursday, before the big price drop on Friday and according to Hulbert, even after yesterday’s upside HGNSI was at -34%. I think that what he did not like seeing is how readily gold timers jumped bullish trying to be ‘the guy’ calling a bottom.
I think a rally can get going off of 1180, but bigger picture there very well could be some unfinished business; namely the business of killing off anyone who would be bullish on gold’s price*.
Hulbert HGNSI, from MarketWatch.com
* An important distinction as always is gold’s assigned ‘price’ vs. it’s long-term ‘value’ in a system of remotely managed inflation operations by authorities world wide.
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