Thursday, July 29, 2010

Peter Brimelow Says Rising Bearishness, Except Fro The Usual Suspects

As Brimelow relates, a lot of market times have turned the frown on gold.
Most observers are very negative. At JSMineset, "Trader Dan" Norcini gloomily noted on Tuesday evening: "Technically, the market fell out of its trading range that has been in place since May. ... Bears have now gained control over the market"

The Aden Report declared in its weekly update Wednesday evening: "The gold price fell to a three-month low yesterday in both dollars and the euro. ... It's clearly in a D decline, and it's weak by staying below $1,200, basis December. If gold now stays below $1,180, it's very weak and it could test the $1,135 level. In a worst case, it could test its rising 65-week moving average, now at $1,080."...

MarketVane's Bullish Consensus is back down to 61% Bulls. On July 19 it fell to 60% (and gold then staged a modest rally). Lower readings were last seen at the height of the crisis in December 2008. The Hulbert Gold Newsletter Sentiment Index is at 9.2%, which is its low for the year.
However, the habituants of Le Metropole Café are still bullish - some insistently so - on confidence that physical demand will keep the market from sliding further.

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