-gold post- <<I am also skeptical of the gold ETF unless it is convertable to gold. But the possibility is that the idiots in NY end up overextending themselves even more than they already are by selling more promises for gold than they could ever deliver. It could end up being huge for gold. Give it a year and then sick Elliot Spitzer on em. <g. >>
Unlike most, I think the ETF is definitely a two edged sword and, to date, the bad guys seem to have displayed more muscle than us little folk in the days of wide swinging price movements that seem to get the bulls to capitulate.
Up $6... Down $12! What's wrong with this picture?
Fwiw, there are some pretty good gold ETF (and other PM) discussions going on at SI, and if your not registered there, it may be worthwhile for you to do so. I'm a freebie (sans the Bean) over there so I can only post three times a day, which I have yet to do.... but I can read until my eyes glaze over. <g>
The boards I read w/r to the ETF and other PM 'stuff' are:
<<Commercial short squeeze potential for gold is already huge.>>
One would surely think so, JB, but these PM shorts seem to have the backing/leadership of the bullion banksters who, I think, prolly have access to Bernanke's printing press and an occasional bar or two of CB gold.
<<I think its good time to buy Dec. Comex futures and take delivery. Silver even better.>>
That's what it'll take, all right.... but in large number that won't be redelivered any time soon.
With about a week to go before deliveries can be tendered against the December contract, the open interest in that month alone is 246,039 of the total 343,014 open contracts. Those figures are as Thursday's close.
I'm prepared to take in a portion of my multi year PM positions on some further strength.
If the PoG goes higher...it goes higher! Cool! I'll still have many horses running, but if not..... I'm golden!
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