Gold’s Wall of Worry Remains “Quite Robust”

Gold sentiment remains quite tepid, despite the fact that the yellow metal just yesterday reached a new all-time record high.

The latest Hulbert Gold Newsletter Sentiment Index (HGNSI) – which was calculated prior to today’s gold sell-off – came in at 40.3%, far below levels historically associated with intermediate term tops in the price of gold.

The HGNSI measures market timers’ recommended exposure to the yellow metal, and is far below its multi-month high of 67% – reached in late July when the price of gold traded near $1,615 per ounce.

According to Mark Hulbert, founder of the HGNSI, the tepid sentiment is a bullish sign from a contrarian perspective: