Jim Cramer Sells His SPDR Gold Trust (ETF) (GLD)
Jim Cramer sent a note out today to his ActionAlertsPlus.com subscribers that he was selling his last 300 shares of the SPDR Gold ETF (NYSE: GLD) at around $75 today. The SPDR Gold Trust (GLD) is now trading up $3 from when Cramer sold his stake earlier today.
In his note, Jim did say he likes having some exposure to gold in his fund, "but with the recent turn of events in the economy (TARP changes, auto concerns, commodity price corrections and deeper recession implications that will lead to higher unemployment), I believe inflation has been pushed out for a bit," Jim wrote.
Cramer said he sold his SPDR Gold Trust (GLD) in order to raise some cash to buy more health care and staples that are already in his ActionAlertsPlus.com fund.
Cramer will return to the gold market, when inflation fears enter the market psychology again.
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SPDR Gold Trust (the Trust), formerly StreetTRACKS Gold Trust, is an investment trust.
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