Wikinvest Wire

Three steps forward, two steps back

Wednesday, March 19, 2008

Not surprisingly, there was a big share redemption today at the streetTRACKS Gold ETF (NYSE:GLD) requiring the unloading of 15 tonnes of the shiny yellow metal.
Can't wait to see what happens next ...


Tim said...

And I see the selling continues ... down another $18 in Hong Kong

Aaron Krowne said...

Finally, a buy-in opp.

Thank you Yen-carry-trade-driven deleveraging!

I hope we get some fresh hedge fund implosions out of this. Looks like at least two are choking on the movements in the Yen.

Tim said...

Wow - 67 - I haven't been keeping up - you guys must be busy.

Aaron Krowne said...

Definitely... though mind you we decided to switch the headline count from GROUPS to FUNDS today. Previous, we didn't want to "inflate" the count, but noticed that most people saw the site and thought the headline represented distinct funds anyway. So now it is reversed to correspond to that.

The upshot is the headline "count" went up by 30 today, with no new "implosions" (two new ailings, however).

tj & the bear said...

If it is the "great deleveraging" (and IMHO it's starting) then this could be the last best chance to get in under $1K.

Prechter was early, not wrong. Par for the course, though?

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