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Gold plunged by nearly $100 in one week — and may sink even more

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Gold plunged by nearly $100 in one week — and may sink even more
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Gold has been following a contrarian script over the past several months, including this past week when it fell by almost $100 per ounce. Consider the average recommended gold market exposure level among several dozen short-term gold timers my firm tracks on a daily basis. This average rose to 70.3% on Nov. 16, which was higher than 97% of all other daily readings since 2000 — well above the 90% threshold that in prior columns I used to define excessive bullishness.