Running With the Gold Bulls

The gold bugs were back with a vengeance following Wednesday's announcement that the Fed was not going to scale back quantitative easing, as most had been expecting. At least they gave the appearance of such. Between Wednesday and Thursday, the yellow metal saw the largest gains in the futures market on New York's Comex since 2009, while in London gold for immediate delivery saw its largest jump since June 2012.

Appearances, however, can be deceiving. Herb Greenberg and I were chatting Wednesday just as strength was starting to really emerge in gold. He was long the Gold Miners ETF (GDX) while I was positioning myself into the SPDR Gold Trust (GLD) and Freeport-McMoRan (FCX) intraday. He joked that his position was "not confusing brains with the temporary gold bull." His sentiment mimicked mine precisely. I was already in the middle of writing this column that day, but before I had a chance to publish it the bulls hit the market full steam. Let's take a closer look....612 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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