Peter Brimelow Detects Wall Of Worry

Despite gold's remarkable performance last week, veteran analysts have been slow to come around so far. The reason why is at least two encouraging rallies were kneecapped when they got rolling earlier this year. Those inclined to blame gold's lack of performance upon systemic and sustained downwards manipulation have been skittish for their own reasons, but others have been wary too. That's according to Peter Brimelow in his latest Marketwatch column, "Winning week for gold leaves bugs hopeful, wary."

The only advisor quoted by Brimelow who's swung over decisively to the bull camp is Martin Pring, although Pring favours silver more. The others express doubts.

Gold closed last week at its high for 2010 and there are signs it may continue.

But while gold shares were also up, they are generally well below their early January highs, a possible non-confirmation. And battle-scarred gold bugs are also worrying about signs that their traditional enemy, the Large Unknown New York Seller, has returned.

So gold's Wall of Worry is close, and steep.

As regulars know, I've been in the skittish camp even though I've only been running this blog since November of last year. We're only naive once.