>>>The consensus certainly seems to be much more bullish than it has been for a long time. The brokerages are becoming more bullish on gold in general, although on the bright side their reasoning suggests that they are still missing the reason for the gold bull (IMHO).<<<
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Interesting you should say that Jay, as I was of the same mind and was surprised to read Adrian Douglas' comment in this afternoon's edition of GATA Bill Murphy pro gold publication, "LeMetropole Cafe"....
"Mark Hulbert’s index that tracks gold newsletter writers is indicating that 66% are OUT OF THE MARKET and are in cash waiting on the sidelines. As Hulbert points out in this article from a contrarian point of view this is MEGA-BULLISH.
Hulbert says QUOTE- And even though the average gold-tracking newsletter is skeptical, recommending that two-thirds of precious-metals-oriented portfolios be kept in cash, editors of these investment products haven't jumped completely off the bandwagon yet-END
This is absolutely stunning. We have had $130 rise in the gold price and the "experts" who write newsletters are in cash and cautious waiting for a correction!
This is what will drive this market to unthinkable levels because at some stage they are going to throw caution to the wind and pile back in.
This is exhilarating!"
Cheers
Adrian
JPM's call for $800 gold was the highest projection I've seen so far from one of the major brokers.... interesting. That probably means I should raise my top secret projection by another &@# bucks. <gg>
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