Out of GLD
May 22nd, 2007
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I sold all my shares of GLD today. I just didn’t have enough shares to really make it worth holding on to, and the stock (and hence the metal itself) has seemed rather directionless for the last couple months.
I still like the prospects of Gold for a hedge against a falling economy, which readers of this blog will know that I’m preparing for.
I think the market in general is in denial concerning the effects of the “softening” housing market, and high gas prices to boot. Once these market forces rear their ugly head, it may warrant taking another look at the StreetTracks Gold Trust (GLD: chart, web) once again.
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Probably a good move. If you’re talking a handful of shares your not going to see much return percentage wise on your investment. In gold, it will take a tone of shares to see any appreciable rewards. I’d suggest taking that money and investing it in a mid-cap stock that can realize 10% fairly realistically.
It’s only good that you sold gold if gold actually goes down… which it did.
By the way, I’ve noticed that you seem overly bearish on the direciton of the economy lately.
i’m bullish on gold for the long term but agree a short term pull back is in order. (i’m also short term bullish on the dollar but long term bearish on it!)