I get it!. They are buying gold in order to hegde in case another European crisis happens. So Europe could face another financial crisis in 2017 just as There were last two 7th year.
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I like GLD at this level
- Thread starter hajimow
- Start date
It's good for those small caps...but Mutual funds have no skilled traders so they will lose their money eventually. I see a lot of advertisements encouraging people to buy more gold especially when hedge funds are selling or have sold their shares in gold related companies.
Still two more weeks left before gold will resume a bear trend. So there is still a lot of time for gold sellers to make money. Everyone is waiting for Trump to come in on inauguration. US dollar will find its strength again soon. So I would not have a long position in gold at this stage.
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Speculative accounts are dumping gold and loading up on copper
https://www.elitetrader.com/et/thre...and-loading-up-on-copper.305122/#post-4386793
https://www.elitetrader.com/et/thre...and-loading-up-on-copper.305122/#post-4386793
For once, I disagree with you.
There is a big difference between what people say and what they do.
This is quite clear everyone is buying gold, so why do you want to fight the trend ?
Maybe I would be more cautious above $1200. Maybe...
Wait and see.
CM
It is 2 weeks that GLD is slowly creeping up and that is a fact. Here are more facts:
1- If you buy GLD now, you are not buying it at high.You are buying it at almost very low which is a good thing.
2- GLD is oversold
Based on my experience, after going up for a couple of weeks like this, GLD will pop up as it will catch the attentions of moo moo traders and that would make it interesting. Now mostly big investors are buying (about 86%).
1- If you buy GLD now, you are not buying it at high.You are buying it at almost very low which is a good thing.
2- GLD is oversold
Based on my experience, after going up for a couple of weeks like this, GLD will pop up as it will catch the attentions of moo moo traders and that would make it interesting. Now mostly big investors are buying (about 86%).
I admit Hajimow was right on this. I didn't know 'buy the election and sell the inauguration" applies to gold too since this is my first time I observe the US presidential election effect.