Opinion: If you’re thinking of buying gold, know that price gains are capped for now

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Contrarians are giving gold the benefit of the doubt in coming weeks. But they are not yet issuing an all-out buy signal.

That’s because gold market timers haven’t become as aggressively bearish as we would otherwise have expected, given gold’s GC00 big plunge in June. From its June 2 high to its June 29 low, gold bullion fell about $150 per ounce. Far from throwing in the towel, the average gold timer appeared instead to tiptoe.

Don’t…

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