The question for investors and speculators alike is if gold has at long last marked the end of a wrenching nearly two-year pullback from the 2011 highs over $1,900. Lee Munson of Portfolio LLC says any rally marks a chance to make a graceful exit from their positions.
"Investors are confusing the fact that [gold] holds its value super long, hundred-year periods of time versus inflation versus making actual growth," Munson says in the attached video. "It just holds its value. That's not a reason to hold anything."
Of course the hardcore buy and hold gold players will lose their minds over Munson's characterization. Buyers of the SPDR Gold Trust ETF (GLD) have been handsomely rewarded over the last eight years, easily outperforming the major market indices. Munson is quick to point out that "long-term" doesn't mean buying the lowest point of the last decade. It means holding gold over decades.
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