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5 Ways to Beat the Fed (and Crush Inflation)
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Tags: Gold
Stocks: ABX, AEM, GGN, GOLD, VGPMX

These "Bad News Bears" Could Be Hinting at a Gold Bottom

By , Money Morning • August 22, 2018

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Show me the gold market of the last few months, and I'll show you an asset that has become almost universally despised.

Since April, gold has lost more than $140 per ounce, and is now trading near a major long-term support level.

Some of the world's largest fund managers have given up on gold, having watched asset levels deteriorate by nearly 60%. After two years, even Wall Street analysts are downgrading major gold miners to "Hold" status.

Gold ETFs - on a global basis - have been unable to stem outflows for the past two months. Sentiment is so low that asset managers are establishing record net short positions in gold futures.

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And, in what seems like a race to be the most pessimistic, some analysts are even calling for sub-$1,000 gold.

My experience tells me, when the average investor wants a 10-foot pole just to come near an asset, and when so many bears come out in force, we're getting close to a bottom.

Taken individually, all the bad news items on gold suggest it's an investment that's headed lower or, at best, sideways for some time.

But as a whole, the negative macro view on gold provides for a great contrarian signal, suggesting gold may be nearly done falling.

Let's examine in more detail each of the "bad news bears" I've mentioned above, and I think you'll come to the same conclusion I have.

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