This gold-timing indicator just hit a bottom — and history says a strong rally is next

Mark Hulbert says his Hulbert Gold Newsletter Sentiment Index (HGNSI) has fallen into its bottom 10%—an extreme-pessimism reading that historically precedes strong gains in gold and gold-mining stocks. Despite a major two-month drop in gold following the Iran war, the move is not explained by a stronger U.S. dollar, and the sentiment washout argues for a contrarian rally in the coming weeks. The article cites historical outperformance for the VanEck Gold Miners ETF after similar HGNSI readings, suggesting market-timers’ capitulation now creates a favorable tailwind for bullion and miners.