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Gold bugs head for exits

goingbrokegoingbroke Posts: 1,410
in Precious Metals
The SPDR Gold Trust, the largest exchange-traded fund backed by gold, has lost 31 metric tons from Monday to Tuesday, the latest day for which statistics are available on the fund’s web site. That set back holdings in the ETF to their lowest since May. SPDR Gold Trust held 1,229.5 metric tons as of Tuesday. The decline seemed in keeping with a downdraft for the metal, which has lost 6% since the end of 2010. Gold gained 30% in 2009. At the end of that winning year, however, investors had already started to snub gold-backed exchange-traded products. The World Gold Council on Wednesday said last year’s net inflows into such products declined 41% from 2009 levels, but were enough to ensure that 2010 was the second best year on record for such instruments. Inflows into exchange-traded funds and other products backed by gold reached 361 metric tons in 2010, compared to inflows of 617 metric tons for 2009, the largest on record, the trade group said. Gold staged a last-minute comeback on Wednesday, settling barely higher at $1,333 an ounce after spending most of the day in the red. — Claudia Assis
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Comments

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Sheeple selling at precisely the wrong time. Right on cue.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <i>Sheeple selling at precisely the wrong time. Right on cue.

    roadrunner >>




    Bingo!

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    While smoetimes they get squished true gold bugs never sell and they most certainly do not own GLD.................MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Who has a pulse and sells??

    Jaded buy/holder dude here.
  • edmundfitzgeraldedmundfitzgerald Posts: 4,306 ✭✭


    << <i> gold bugs never sell and they most certainly do not own GLD.................MJ >>



    image
  • DoubleEagle59DoubleEagle59 Posts: 8,308 ✭✭✭✭✭
    People say "If you have a weak heart, do not invest in PM's."

    Others add "If you do not like roller coaster rides, do not invest in PM's."

    Personally, I enjoy the dips in price as it always provides a buying opportunity and it weeds out the weak investor.

    I enjoy a sense of 'calm' knowing I'm invested in the safest sector there is right now.

    Back in the fall of '08, when the price of silver dropped from $21 to $9 in a day or so, I can say with all honesty, that night I didn't lose 1 minute of sleep over it because I was 100% confident that the price would get back to where it once was (and more!).
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • 2ndCharter2ndCharter Posts: 1,656 ✭✭✭✭✭
    My PM holdings are an insurance policy for me - whether they go up, down, or sideways short-term is immaterial to me. With the CBO talking about $1.5 trillion deficits, PMs can only go one way in the long-term - UP!

    Member ANA, SPMC, SCNA, FUN, CONECA

  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Sheeple selling at precisely the wrong time. Right on cue.

    roadrunner >>



    Are you saying we shouldn't buy high and sell low?imageimage

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "Are you saying we shouldn't buy high and sell low?"

    Well, you could take the write-off if that helps.

    Nah, it's always the very same story. I have seen this time and time again. When metal gets active, people push and shove to get to the goodies and they will pay spot plus premiums all the way up to the top. As soon as it starts receeding, they dump everything. They rush the buyers in hope of catching some of a falling spot or less and then they cuss the market, cuss metal, cuss their poor performance and that's why metal has such a bad reputation.

    Rule 1. Buy when things are quiet. Flat or no market activity is a good thing for a PM buyer.
    Rule 2. Spend only what you can afford, any betting on metal will leave a few rewarded but there will be many bodies of those who lost.
    Rule 3. Sell on the way up. If you're invested in physical, you know when metal is headed up because you always pay attention.
    Rule 4. Do not try and flip. Many have tried and some win occasionally but this strategy is doomed, no one person is right all of the time.
    Rule 5. Metal will go up and it will go down. Gather your nuts when they are plentiful, let them go when they are few.
    Rule 6. Slow and steady wins the race...remember that.
    Rule 7. Have your places where you regularly buy and places where you regularly sell, this allows for instant liquidity on either side of the deal.
    Rule 8. Do not try and outsmart yourself, it's not that hard to do.

    Really, this is not rocket science.
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