Market Down on Gold. Will Investors See Contrarian Opportunity?
Commodity Futures Trading Commission data shows that investors are the least positive they’ve been about gold since June 2007. From June 2007 to March 2008, gold prices rose by 50%. “I believe that the market’s probably too bearish now,” said Jim Iuorio of TJM Institutional Services. “And despite the fact that the fundamentals are weighing on gold, market positioning may predict a countertrend rally.”