Paul, re. sentiment and Gold stocks going much lower.
Hey, maybe you are right! I read the sentiment on the gold threads somewhat differently. The Yahoo boards have totally degenerated into bear triumphant threads. Yes there are a few still bullish and willing to buy, but they are increasingly ridiculed, trivialized, and marginalized by those who consider them total nut cases.
As reported by yours truly, Market Vane, reports bearish sentiment at 84%. I suppose after the past few days it's up to close to 90%. Ask yourself this question:
Has there ever been 90% bearishness on any industry without even some kind of sharp counter trend rally?
IMO the amateurs are really starting to pile in on the short side. I fully admit things look as grim as they could possibly be, but isn't then when you are supposed to buy? Usually it is, but it is almost impossible for most in the crowd to do so, that's why most people don't make money in the markets. Buy at the top, sell at the bottom. |
