Golden experience

Gold is up again, now up 8% from the lows where we were buying GLD last week. I also went with my parents to local coin dealer here in Ruidoso, NM, and we bought some gold and silver coins, just as I’d told you I would.

Interestingly, we had to pay 20% over the newspaper’s printed spot price for the silver coins, as that is the price on the market for the coins, which have become increasingly disconnected in price from the paper spot price. We paid just over 5% for the gold coins and we went with American Eagles which cost us another percent or two over spot.

I’m also continuing to hold the GLD as I think we will see this near-term bounce back continue and I expect that bounce back will continue to be reflected in the GLD quote for at least the near-term. I reiterate and that huge premium in the silver coin market over spot price continues to indicate that you can’t trust the GLD or any other paper asset in the long run.

Apple’s out with earnings tomorrow after the market closes. I haven’t seen a bullish article in the press though I did hear a bullish analyst who upgraded the stock this morning. He was sort of a goofball on the show though and really seemed to have little insight or value add, so there’s that. Anyway, I sure would rather be long than short AAPL into the earnings call tomorrow, if for no other reason than the fact that the bar has been set so low and expectations are for a big miss and lower guidance. That might all already be priced in at the 7 p/e it’s trading at.

No trades for me yet today, though I might take a swing at some later.

Back in a bit with news analysis and links.