Mark Hulbert: Buying gold now would only weigh down your investment portfolio

It’s bearish for gold that market timers have been remarkably upbeat in the face of gold’s dismal performance this year.

In fact, despite gold bullion GCQ8, +0.11% falling $140 an ounce since its January high, the average gold timer I track has not turned outright bearish. From a contrarian perspective that means that a tradable gold bottom is not yet upon us.

Consider the average recommended gold-market exposure level among monitored gold timers, as measured by the Hulbert Gold Newsletter Sentiment Index (or HGNSI). It currently stands at 0%, indicating that the typical timer is out of the gold market but not outright short.

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