Wednesday, November 18, 2009

You'll Know the Gold Trade is Crowded When...

Some excellent and funny pointers from Bill Fleckenstein to discern when the gold trade is getting too crowded and when you should consider bailing out of your position.
  1. When Goldman Sachs has a "bus tour" to a bunch of mines (like the ones that it and other  firms arrange for different industries, particularly the technology industry).
  2. We see ads on Bubblevision (CNBC) encouraging people to buy gold, as opposed to prodding them to sell their jewelry, as is the case today.
  3. The banks find a way to put money into gold -- because no modern mania has ever ended without the banks finding a way to lose money in it.
  4. We see a frenzy of mergers and acquisitions, and an LBO or two.
  5. Lastly, BusinessWeek puts gold on the cover, telling us how it's the wave of the future, or some variation of that theme.
Until then sit tight and buy some more bullion on corrections.


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