On Squawk Box, CNBC.
Money will flow into cash. Maybe a little into gold.
Not seen for many months.
The rally could turn even more powerful in dollar terms if the dollar sells off vs. the Euro & other major currencies. But even if it doesn't, a pretty quick move up is possible. Just a sharp rally in a bear market. Will take more evidence to say the lows are in.
Counter-trend ("dead cat") moves are often very sharp & profitable. Gold could easily rally 10-20% in a hurry.
The question is, does it matter to the stock price? Are phone sales the more relevant measure? Speculators will decide.
Don't worry about missing a bottom--bottoms are always retested before the liftoff.
This is a 3X gold stocks fund, not 3X bullion fund. Comparison to percent change in gold bullion are not relevant. Gold bullion and gold stocks can and do diverge. This may or may not be the selling climax.
Well, the Spanish & Ports & Irish & Italians are wondering "why not me?" Good question--fiat currency is all "funny money" after all.
Greeks never met a tax they liked (or paid). Masters of tax evasion.
Icahn debated with Mr. Fink from Blackstone. Icahn said that banks have sharply reduced their ownership of high yield bonds, so liquidity in the event of a interest rate spike is much reduced, which could lead to air pocket declines. Icahn also said a lot of high yield bonds are in the oil drilling area, which could suffer from low oil prices.
Sentiment: Strong Sell