How long will this correction in gold last? Mark Hulbert's article for the Wall Street Journal's Marketwatch suggests that we could be as close as a week away.

Hulbert's newsletter tracks the sentiment of short term traders. When short term traders are most negative on gold's prospects, that usually indicates a bottom.

Consider the Hulbert Gold Newsletter Sentiment Index (HGNSI), which reflects the average recommended gold market exposure among a subset of short-term gold timing newsletters tracked by the Hulbert Financial Digest. It currently stands at just 10.9%, down from 53.8% as recently as two trading days previously.

In other words, the average short-term gold timer we track has reduced his or her recommended gold exposure by 43 percentage points in just two days' time. That's among the biggest plunges in gold sentiment I've ever seen.

If you plan to make any gold purchases in the near future, now might be the time!