A Gold Watcher Uses The "C" Word

Namely, "capitulation." The author of the Expected Returns blog asks, "Are Gold Bugs Capitulating Yet?":

In any bull market, corrections of this kind are the norm, yet investors get so caught up in the daily swings that they end up selling at precisely the point that would have yielded them maximum profits. In other words, they sell at the bottom. The healthy correction in gold stocks should have long-term gold bulls celebrating on the streets, yet many are at maximum levels of despair. I suspect many latecomers to the gold party have finally capitulated and are swearing off investing in gold forever- that is, until we put in the next intermediate term top, at which point, they will be buyers again. The increasing bearish sentiment gold is a bullish sign and very conducive to the next leg up....

Bullish words, especially given what's happened over the past couple of days.