The signs for a major gold reveral abound.

These are just signs and not science but they should not be ignored.  When people who understand nothing about why gold prices move begin to tell us that everyone hates it and thus it will likely go lower, well, that is the time to be buying.  I'm telling you, these talking heads have no clue.  Where were they when gold was 1900/ozt?  Well, they were talking it up and getting in on the goldphoria.  But now that it has given up nearly half of that, gold is again a barbarous relic or even nothing more than a pet rock.

When supposedly conservative financial "news" sources like Bloomberg and the WSJ spew this level of emotional hatred toward gold (or anything else), you can be sure that public sentiment is extreme.  In other words, all the sellers have sold.  Even worse, because gold is so worthless, they have shorted the crap out of it.  But all this is doing is building in guaranteed buyers in the not distant future because unlike corporations, gold cannot go BK.

Maybe gold has one more wave down into September like Avi thinks but we are far closer to a major bottom than to any kind of a top and that's what buy low sell high is all about.