As gold has fallen over 3% from its $1,432.50 all-time high, sentiment toward the yellow metal has fallen in kind.  The latest Hulbert Gold Newsletter Sentiment Index (HGNSI), a measure of recommended market exposure by gold timers, tumbled to 33.6%.

This most recent HGNSI reading was the lowest in over five months, and far below the 59.2% level from September 2010, when gold bullion was below $1,300 per ounce.

From a contrarian perspective, the substantial decline in gold sentiment is a “textbook illustration of the kind of wall of worry that bull markets like to climb,” according to HGNSI founder Mark Hulbert.