When was gold 350 an ounce

And a third year of stock market declines in has sent investors looking for alternative investment like gold, real estate and bonds. Gold stocks have been big beneficiaries. Precious metal enjoys new milestone amid concern over international tension, inflation. Why it's time for investors to go on defense.

Premarket: 7 things to know before the bell. SoftBank and Toyota want driverless cars to change the world. They deserve to be listened to, therefore, since — unlike many latter-day converts to the bearish thesis — they forecast a long-term gold bear market when it was only just beginning.

But Erb is doing nothing of the sort. Erb bases this particularly chilling prospect on two premises. The second is the likelihood that, whenever gold does eventually drop to fair value, it will overshoot and drop to a much lower value. But, he asks, why should gold behave differently than any other asset, each of which fluctuates markedly from the extremes of over and under value?

Erb uses the five well-know stages of grief to characterize where the gold market currently stands. He argues that, in mid, the gold bugs were in the denial phase.

They have not kept up with the times, however. Erb points out that this is just the same as it is with equities, which, according to the formula championed by Yale professor Robert Shiller, have been overvalued at least since the early s.

However, this very long term is measured in terms of many decades, if not centuries. Click here to inquire about subscriptions to the Hulbert Sentiment Indexes.

Every week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance. Mark Hulbert is a columnist for MarketWatch.