Mark Hulbert: Gold’s ever-so-brief new high
Mark Hulbert’s sentiment indicator (the HGNSI) continues to support Gold:
Consider the average recommended gold market exposure among the gold timers monitored by the Hulbert Financial Digest (as judged by the Hulbert Gold Newsletter Sentiment Index, or HGNSI). It currently stands at 37.8%.
To put that in perspective, consider that the HGNSI stood at 60.9% early this past January, and got as high as 68% this past December — even though gold bullion on those earlier occasions was trading for as much as $100 per ounce less.
It’s really quite amazing that the gold timers today aren’t more bullish. During last Friday’s trading session, when bullion broke out to a new all-time high, the HGNSI didn’t budge. And it rose only 7 percentage points as gold briefly traded at an even higher level on Monday.
Just imagine how euphoric stock market investors would become if the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 10,210, -88.12, -0.86%) were to have just traded above its previous all-time high of 14,165. There’d be dancing in the streets.
