Hartnett's Clients say "Gold most overvalued in 20 years"

Special Comment

Hartnett’s GFMS has been the most reliable contrarian indicator of stock direction since Trump took office.

Now they are saying Gold is too high.

Investors most UW US dollar since May’06, slashed big bond OW to neutral, said gold most overvalued in 20 years (“long gold” = #1 crowded trade),

Quick Comment:

Having looked at these relatively closely for the past two years we can say the following: this is the first time that his survey (ever) has called gold overvalued during that time. The survey participants very frequently are contrarian indicators when it comes to equities. Commodities are not their thing typically. But if they are paying attention we have to as well