TradingWithCody Chief Guide Elad Ryba on Joining the Richest Money Managers and Buying the GLD
Gold Morning! Ok, Corny but the shiny metal, not to be confused with the shiny edible corn product, is TANKING this morning down 10% deep into further bear market territory. I for one had liked Cody’s idea to buy gold as the world central bankers were printing money and reflating their economies. The logic is the money has to flow into an asset for it to grow vs. leaving it in money market accounts getting 0-1% and thus losing value when you take into account inflation. Gold has always been seen / used as a rising asset in tumultuous times.
Cody’s approach has been to go out to reputable dealers and buy physical gold. He has frowned upon using gold ETF’s as he doubted many aspects of their actual gold deposits. However, I initiated an entry into gold this morning using the GLD. This is for a trade mind you. There is no way to drive yourself to buy physical gold at these levels at this point. Sure gold could fall further but at this point I believe it’s worth a tranche buy here for myself for a trade or maybe even an investment if it stabilizes. There is a small chance I believe this powerful correction continues at this pace. So instead of driving to a dealer who will only give you Friday’s spot closing price (give or take a few dollars), I have decided I can start buying some GLD here today down 9-10% so far at 131. It seems we are in the midst of a massive liquidation and or margin call spree this morning. Bill Gross even sent out a message to CNBC as he made a Barron’s financial magazine roundtable call on Gold recently. So today, Bill Gross says he may have been wrong on the timing of his call but seeing as the central bankers around the world are reflating their economies by printing money, he would be a buyer of gold as well at these intraday lower prices.
So I am joining one of the world’s richest money managers and buying gold intraday using the GLD vs. running out to a Gold coin store or such and trying to get Friday’s closing spot price on Monday.
