Extreme short-term optimism in the gold market is occurring alongside extreme short-term pessimism in the stock market. For example, the following chart of the weekly AAII Sentiment Survey indicates that 70% of survey respondents were bearish as of last week, versus only 19% that describe themselves as bullish. This happens to be the highest bearish percentage in the survey's history.
We won't argue that the incredibly high bearish percentage isn't justified by both the price action and the fundamentals. We also won't claim that total capitulation has occurred.
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