Monday, June 21, 2010

Record Gold Price Not Engendering Record Optimism

In his latest Marketwatch column, Peter Brimelow points out that the record high made last week did not encourage a large increase in bullishness. MarketVane's Bullish Consensus only increased by 3% last week. In addition, some gold watchers are becoming skittish. One of them is Dr. Edith Tully, who notes that absence of any drivers for the current run-up. Another is a writer at Bill Murphy's LeMetropoleCafe, who notes that the open interest for gold contracts has increased quite a bit. Such increases tend to accompany short-term tops.

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