BofA Merrill Lynch Fund Manager Survey for July, "gold judged undervalued for first time in five years."
In fact, gold has been undervalued for a long time with all the money printing by the various central banks around the world. Gold price may continue to drop as the Fed keeps its talk on interest rate rising, which is causing the US Dollar to rise. But as soon as they decide to delay this decision in view of the current deflationary economic situation around the world, gold price will shoot up again as people move away from the US Dollar into hard assets like gold and silver.
So be sure you own some physical gold or silver and mining stocks while they are much hated.