There are still too many gold bulls, and that means it will continue
to frustrate those who think bullion has begun a new bull market.
It was one month ago, you may recall, I concluded that the gold
market rests “on a shaky sentiment foundation.” Gold bullion today is
trading for about $15 an ounce less.
Unfortunately, contrarian analysis doesn’t reach any more bullish a
conclusion today than then, despite breathless excitement about a new
bull market that is imminent.
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