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GLD became the largest ETF in the world, as Gold was hitting the top of its 10-year channel and at Fib resistance, as the Power of the Pattern suggest to harvest/sell long gold positions within one week of its highs in 2011. (see post here). What happened soon after GLD became a crowded trade? Gold is now almost $600 lower!
Now the Wall Street Journal is reporting $1 Billion in outflows took place in Gold ETF GLD last Friday (4/12)
It has paid to do something different than the crowd when it comes to Gold the couple of years….will it be any different this time? If line (1) doesn’t hold, these record outflows will continue!!!