Loading ...Hulbert HGNSI & Gold
October 7, 2014GoldGold, hgnsi, hulbert
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.
Gold market sentiment takes a big turn for the worse
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