Here’s the real reason gold is falling

by Mark Hulbert, MarketWatch  |  published on May 27, 2014

CHAPEL HILL, N.C. — Are you surprised gold bullion has been weak recently, including a 2% drop today?

You shouldn’t be. It’s exactly what contrarian analysts were forecasting at the beginning of this month, given the absence of the high wall of worry that bull markets like to climb.

Unfortunately for gold enthusiasts, the market has no better sentiment today than it did a month ago.

Consider the average recommended gold market exposure among a subset of short-term gold market timers, as measured by the Hulbert Gold Newsletter Sentiment Index (or HGNSI). The average currently stands at close to zero — minus 3.3%, to be exact.

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