“Just as gold was about to peak at $1,923.70 per ounce in August 2011, speculative positioning in the gold futures market was at a record high, and the so-called smart money institutional investors held a record net long. With 20/20 hindsight, it’s obvious that wasn’t a good time to be going long gold. Measuring market sentiment, or the madness of crowds, can provide important clues at key turning points in securities prices. When sentiment moves from good to bad, to totally bleak, ignore the rampant pessimism and watch for incremental improvement. But one thing’s for sure: I don’t want to get caught up in the overcrowded short trade in precious metals right now.”

http://www.moneyandmarkets.com/gold-is-the-most-hated-investment-you-might-want-to-love-52160

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