Gold geezers confident, but eerily calm - MarketWatch: "NEW YORK (MarketWatch) -- Gold's hour has come -- but has it gone?
Gold closed at 651.50 on Friday, with a spectacularly strong last half hour that has close observers -- for example, Bill Murphy's lemetropolecafe.com -- speculating excitedly that a major short is under pressure.
This is not just a bull market -- it's beginning to look like a blow-off. Is it too late to join the party?
First a MarketWatch proprietary word: our Hulbert Gold Newsletter Sentiment Index (HGNSI), which reflects the average gold market exposure among a subset of short-term gold timing newsletters tracked by the Hulbert Financial Digest, stood at 58.9% on Friday night.
That's still not quite two-thirds of its all-time high of 89.6% -- and actually sharply lower than the 73.2 percent recorded on April 19-20, when gold first stabbed above $600.
Mark Hulbert interprets that as bullish from a contrary opinion standpoint.
And it fits with anecdotal evidence. The gold funds say they aren't seeing much of an investor inflow. Remarkably, one major fund, First Eagle Gold Fund (SGGDX : First Eagle:Gold;A
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6:07pm 04/28/2006
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SGGDX26.00, +0.76, +3.0%) has actually chosen this moment to close its doors to new investors.
Similarly, as I've noted before in this rally, the gold geezers (my name for the services that were around at the time of the 1980 gold blow-off) remain confident but eerily calm. See my April 13 column.
Dow Theory Letters' Richard Russ"
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