Mark Hulbert: Gold timers have rarely been more bullish than they are today — that’s a bad sign

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“A big test for contrarian analysis is brewing in the gold pits. That’s because bullishness among gold market timers has rarely been higher than it is today. Since 2000, which is when I began tracking the average recommended exposure level among such timers, optimism about gold was higher on just 0.7% of the trading sessions.” –MarketWatch

“That bodes ill for gold’s GC00, -0.39% near-term prospects, according to contrarian analysis. Historically gold and gold-related investments have on average performed markedly better when the gold timers were far more skeptical of the yellow metal.”
“This in turns suggests that the gold bulls need to be patient in their expectation that gold will soar in the next couple of weeks to a new all-time high. That record high is close to $ 1,900 per ounce.”
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