I own GLD and the IAU. I am bullish. I bought some yesterday.
But I have been trying to figure out if there are reasons why gold may go down for any length of time? Everything is bullish I see, but this can't be right. There has to be a contrarian out there that makes real sense.
It made a parabolic move above platinum and double topped afterwords, gold is not fundamentally worth more then Newmont can produce it for (ive read from as low as 250 to as high as 500 a barrel) this bubble will burst fast and hard soon. The media's bullish articles are to cover the big boy's exit from their positions.
I'm not a gold nut. I probably should own at least 20 ounces, but I'm hard headed and didnt get it around $1000/oz. We all know theres going to be some kind of global meltdown. I believe the dollar will be around until the One world currency. Who knows how long? This corzine thing wont be the last. fdic, ncua, sipc wont have enough to cover them all going under. There's definitely going to be a run on the banks as soon as one big one cant pass the buck around and fudge the accounting any longer. PHYSICAL CASH and gold will be the key. If you go to chase and ask for 5k CASH they hate that. Their vaults are about empty. $100 bills are VERY RARE, the banksters made sure they paid themselves first.