Despite the US Dollar gold price still falling, there are now many signs or contrarian indicators over the last few weeks that the gold price is close to a bottom. One of the major contrarian indicators is the sheer amount of Wall Street investment banks downgrading their gold price targets in just the last few weeks.
Gold price sheds nearly $100 this week as Wall Street calls for more losses https://www.kitco.com/news/2021-02-26...?EUR<
And the other major sign that a bottom for gold is close is how negatively bearish sentiment is on gold and gold stocks on all of the different sentiment gauges from Kitco, Sentiment Trader, etc. Some sentiment indicators have not been this bearish since 2000 or only twice in the last decade including in the last week.
Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded the startup financial education company Wall St for Main St, LLC, to try to help the people of Main Street by teaching them the knowledge, skills, research methods, and investing expertise of Wall Street. You can also find Jason's work at his blog website at www.jasonburack.com.