"Today's close on gold will be important - it looks like a double top so far (currently trading at 1220).

"Bob Pretcher pointed out the extremely bullish sentiment on gold - 98% bulls. I know he's not been right on gold's direction in this bull run, but these sentiment numbers made me sit up and pay attention.

"Sentiment is not a perfect timing tool, but it cautions against buying here. You were concerned about the short term outlook in your review, which I enjoyed, yesterday. Ultimately, when/if a bubble develops in gold, I expect sentiment will reach very bullish levels again and stay there before the bubble bursts."

David Fuller's view Thanks and I am just amazed that some enterprising chap was able to poll millions of investors and come up with that 98% bullish figure for gold.

Seriously, everything pointed to extremely bullish sentiment when gold became a front-page news item, as you will have recognised.

My latest short to medium-term comments on gold are posted above and I agree with your longer-term conclusion.