Gold’s -22% YTD sentiment as poor as October 2008 prior to 2009, 2010 surge

Summary: This commentary from Mark O’Byrne of GoldCore compares current sentiment in the gold market to the Fall of 2008. That year, we saw a near-complete meltdown of the U.S. financial system. Stocks were in complete free fall, and by November, gold was down on the year too. Looking back at the charts, we see gold bottomed at $712/oz on November 12 of that year. It then rallied from there and reached $1215 by March 2010 for a gain of 70.6%. O’Byrne believes we’re in a similar situation today, and investors  who swim against the current tide and buy gold will be rewarded in the years ahead. He explains how gold’s fundamentals are “bullish,” especially considering loose monetary policies both in Europe and the U.S. Physical demand out of China and Asia in general are also driving factors. A bursting of China’s property bubble will lead even more investors to gold, as well as major economic reforms currently taking shape in the world’s second largest economy. Read more…