Cannon Exploration Inc. (fka CNEX)

[Tanaka]

According to the Hulbert Financial Digest, in fact, the average short-term gold market timer is currently allocating just 30.5% of his gold-oriented portfolio to gold -- keeping 69.5% in cash.

That's remarkable. Earlier this year, when an ounce of bullion was trading for more than $100 less than it is today, the average recommended gold exposure among these market timers stood at 60.9%, double where it stands today.

Since the nearly universal pattern is for market timers to become more bullish as gold rises and to become more bearish as it declines, their recent behavior suggests that they are profoundly skeptical of gold's recent strength.