Gold Gets a Shoutout
This week's Barron's has the third and final round of their latest Roundtable (pretty sure it requires a subscription). TMFDeej profiled the first installment, and I agree the Roundtable is one of the better reads in the magazine - worth a trip to the library or picking it up on the newstand if you don't have access to a subscription.
To keep it short, I thought the biggest surprise in the Roundtable was Bill Gross, as in bond king, head honcho at PIMCO, recommending gold. Specifically the GLD etf. I take that with a little grain of salt since Mr. Gross' track record on calls is a bit tarnished. He somewhat famously called a top in bonds, his specialty, a year or two ago and bonds just kept right on climbing.
If it was just Gross, the GLD pick wouldn't carry all that much weight. But, gold or gold miners also got positive mentions from Felix Zulauf and Fred Hickey. Three of the nine participants were positive on gold and I didn't see any of the others make a negative comment.
I'm in the 'having some exposure is a good idea, but don't go nuts' camp. Still don't want to go nuts, but when 1/3 of a gathering of the best and brightest say 'gold', I think it's time to consider redefining 'some exposure' a little higher.
I'll take some action on that by adding Central Fund of Canada (CEF) to my CAPS card with a green thumb.
Disclosure: Long CEF (actually thought I had already picked it in CAPS). No position in GLD.