Jim Cramer Sells His SPDR Gold Trust (ETF) (GLD)
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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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GLD
When all those bond holders realize that they are losing ground month after month, that's when a shift to gold will take place. Exactly when that will happen is anybody's guess.
Why Gold Won’t Disappoint For Much Longer
The government is printing money so fast that even cash isn’t a safe bet any more, says Daniel Zurbrügg. And even though gold has slumped during this crisis, the long-term outlook for gold investing remains attractive. Once institutional investors stop dumping gold holdings and the US dollar rally stalls, Daniel says gold will zoom back up to $1,000 an ounce and beyond.
Big Spender
So Cramer sells his 300 measley shares of "paper gold" and it's time to bail gold? LOL We are in deflationary times which leads to reinflation then hyperinflation. Good luck getting back in gold when you will need it most Jimmy. BTW, $22K will buy you about 21 ounces of the real thing right now Jimmy and thats pocket change. How's the rest of your portfolio holding up? LOL
GLD
China just purchased 4000 tons of gold to hedge against the inevitable. David Roper correctly drew the picture, " Fed. printing money like monopoly money," and that says it all!
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GLD
Mike Gardner on Dec 5, 2008 06:02 PMI should add to my comment below that when buyers start bailing on T-Bonds and going to gold, Mr. Bernake will start buying them in earnest. Mr. T (Treasury) will be selling to Mr. F (Fed). That's a pretty neat trick, and Ben has already said he will do it when rates are at rock bottom and no-one else is left to sell to. Everybody in cash will get wiped out when that happens.