14 May 2010

Gold is a crowded trade

Below is an exchange of comments to an article about gold I found amusing:

a fed serf: "The gold trade is way, way too CROWDED, Weisenthaw said it yesterday. On CNBC believe it or not, they were saying it is a great time to get into equities and the market is cheap."

imkeithhernandez: "only an idiot looks to "trade" gold... those w/true intelligence look to hold it; and it's crowded in the same way that lifeboats were crowded when the titanic sunk"

Also, the article says "JP Morgan's John Bridges believes the latest breakout for gold was a huge positive sign for the metal. Euro weakness fears, coupled with dollar weakness fears, could lead to an enormous amount of demand."

What is JP Morgan doing pumping gold, I thought they had a massive naked short position?

h/t to Sharelynx for the article.

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