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Mark Hulbert: Bull run for gold is pure fantasy

Sentiment conditions remain unfavorable for gold. That’s surprising, since gold has endured a terrible couple of weeks. Normally that would have been enough to convince gold market-timers to run to the bearish camp, and in the process create the sentiment foundation from which a subsequent rally could be built.

But clearly these aren’t normal times: The average gold timer I monitor has only begrudgingly reduced his recommended gold GCM7, +0.54% exposure level over the past two weeks. And over the last couple of days that average exposure level has actually crept back up.

On both counts, according to contrarian analysis, the foundation for a decent gold rally does not yet exist.

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