For those that follow me regularly, you will know that I have been tracking a set-up for the SPDR Gold Trust ETF (NYSEARCA:GLD), which I analyze as a proxy for the gold market. I also believe that gold can outperform the general equity market once we confirm a long-term break out has begun, and I still think we can see it in occur in 2018. This week, I will provide an update to GLD.
While I have gone on record as to why I do not think GLD is a wise long-term investment hold, I still use it to track the market movements. For those that have not seen my webinar about why I don’t think the GLD is a wise long-term investment, feel free to review this link for my webinar on the matter.
Now, to answer the question I presented in the title to my article, I will simply say HECK NO! In fact, now is the time you want to be setting up your long positions, as we have a reasonably low-risk set up presented before us.
Over a week ago, I wrote my most recent public article on GLD, wherein I presented my general perspective, which was outlined in much more detail to our members, with specific charts:
“As long as the GLD remains below 126, I still see the potential for it to test the 122/123 region.”