See

Interestingly, the decline in precious metals has led to a very swift reassessment of their prospects by speculators and investment advisers alike. The closed end gold & silver bullion fund CEF is once again trading at a discount to its net asset value and there have been outflows from the Rydex precious metals fund that have brought its cumulative cash flow ratio to one of the lowest levels of recent years. In addition, Mark Hulbert's HGNSI (Hulbert gold newsletter sentiment index) – a measure of the average gold exposure recommended by gold timing newsletters, has plunged from a very high 73.7% to just 7% in a matter of days . It has in fact moved from one of the highest to one of the lowest readings of recent years in what appears to be record time. As Mr. Hulbert has put it:

“This sixty-seven percentage-point reduction in a week’s time is impressive, and most definitely enough to get the attention of contrarian analysts.”