Mark Hulbert: Gold continues to disappoint, so why are market-timers bullish?

Contrarians continue to wait patiently for when gold-market sentiment will support a strong rally. Very patiently.

That’s because it’s been more than a year since sentiment among gold market-timers was so pessimistic that a contrarian buy signal could even be considered. Since then, the gold-timing community has been quick to turn bullish at any sign of gold market strength and reluctant to turn bearish at any sign of weakness in the yellow metal. GCQ8, -0.52%

That behavior is just the opposite of the “Wall of Worry” that bull markets like to climb.

Consider the average recommended gold market exposure level among short-term gold timers I monitor (as represented by the Hulbert Gold Newsletter Sentiment Index, or HGNSI).

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