Here's an interesting read, there is a difference between GOLD the metal and GLD the ETF. Like all ETF's, it's important to read the prospectus as not having done so has led to some major problems over the last few years with them.
GOLD vs. GLD
Here's DIA's 5 min 3C chart. Note the lack of volume today around the $110.00 level.
9 comments:
What! I told you guys about the difference between physical gold and proxies like GLD weeks ago! GLD is basically a fractional reverse system, and they don't have the gold to actually cover the GLD shares! Some say there is actually only 1 ounce of physical gold for every 100 GLD 'ounce' sold!
I said that weeks ago! Is that todays excuse for things not going to plan!?
Well, i said weeks ago, why would 'the powers that be stop at SPY $140. I said, why not $150, $160 or $170. Well, we are nearly at SPY $170 going into the weekend and there are plenty of earnings reports next week, that will surely make the market go higher no matter what. Bad results mean QE2, good results mean HFT bots run the shares to the moon.
Looks like yet another week where 3C said down, but markets went up.
I'm sure Brandt said he started shorting the SPY $180. Well, it's only $10 off now and any gains have been wiped out over the long 5 month summer months.
Not good to say the least.
Brandt's 'high roller' must be going nutz?
Will the DOW close over 11k to give the weekend press something to shout about?
Sorry, i meant SPY $115.0, $116.0 etc.
Lack of volume is good, 'cause it makes it easier for them to take it to which ever level they please... lack of resistance eases the path.
Hasn't someone here been calling for 11000 all week??
john9o9,
Well, it certainly wasn't 3C.
BTW the stuff about GLD has been out there for a couple of years now the bugs have been going over that stuff since the etf came out.
Wow for a minute there I shought we might not close above 11000...NOT
Well, we go a 11k DOW finish.
Seriously, 3C may as well be monitoring the rate at which birds land in a garden, 'cause it certainly has no bearing on the markets. Gold, equities, fx, etc.
Flip a coin, you'd have better luck with that as a trading tool.
As a critical thinker, my aim is to be critical and judgemental based on facts. I'd love for you to prove me wrong Brandt with 3C, i really would, but days, weeks, go by and 3C just makes bad call after bad call.
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