and I'll load up when it hits the $35 - $40 range (assuming saner minds prevail to stabilize the dollar, i.e. no hyperinflation).
This ETF is one giant potential fraud. Estimates of the leverage in the paper gold market are close to 300 to 1, up from ~ 90 to 1 in 2001 prior to the current gold "bear market." Does GLD physical gold even exist anymore, in the quantities suggested by the market cap, or has it been looted to satisfy COMEX gold deliveries and replaced by paper IOUs. Only one of two outcomes are possible here, the bullion banks try to cover their shorts, allowing real price discovery in precious metals (in which case gold and silver will quickly go parabolic), or government "sanctioned" gold suppression continues and eventually goes bust when all the physical gold for delivery has been depleted; COMEX then declares force majeure and the GLD holders are paid in cash at the prevailing fraudulent paper gold price. I hope there are some smart attorneys doing their homework right now.
So what if the previous largest intraday point swing was 10/10/2008. BTFD you moron, we close green. Im all in.
Unless you are an insider who understands how to hedge and loves to gamble, you have no business being in this market. Investing is a quaint 20th century idea.
Plunge Protection Team doing everything they can to make this orderly as possible but we are witnessing a truly historic day, one that will be talked about for generations. This a great day for capitalism and a total repudiation of the socialist central planners. I imagine Bernanke's speaking fees took a major hit today as well. S&P true value is around 666, or SPY 66.
Of course the market will crash hard, back and beyond the 2009 lows. The last 4 years of "capital appreciation" were due primarily to asset inflation from QE and engineered earnings increases via corporate stock buy-backs in the face of declining revenues, courtesy of ZIRP. These ill-advised quick fix policies, putatively designed to stimulate the economy but actually nothing more than tax-payer paid bailouts to the banks, have resulted in massive capital misallocation and the impending end to global dollar hegemony. Keep dreaming and buying paper assets while the elite snap up anything and everything of tangible worth as they scurry away to their redoubts in New Zealand and elsewhere. The ruse is up, the FED has no more tricks; the choices are a market crash and dollar reset, or runaway hyperinflation, one presumably controllable, the other totally unpredictable. I suppose more QE would be a third choice, but that is just postponement of the inevitable. If money-printing led to prosperity it would be done all the time, but in reality fiat money is nothing but a con game, and flagrant money printing destroys confidence. BTW, did krugman actually win a Noble prize?