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Registered User
Joined: 1/19/2011
Posts: 23
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Wow. Heck of a pullback on Gold, eh? Down over -100 at one point today. Silver got hammered for a while there also.
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Registered User
Joined: 4/7/2011
Posts: 69
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I think this could be a great buying opportunity if it gets to the 50-day moving average. Things are not looking good in the economy and gold is bound to come back up. Does anybody know any leveraged ETFs to trade gold? I have GLL, but I am not sure if that is the best one if you're super bullish.
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Registered User
Joined: 1/19/2011
Posts: 23
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QUOTE (mcubas) Does anybody know any leveraged ETFs to trade gold? I have GLL, but I am not sure if that is the best one if you're super bullish.
GLL (and DZZ) are only good if you're betting that Gold will drop further. GLL is an "UltraShort" ETF ... which is why it did so well today (a bet that gold will drop). If you're looking to a bullish leverage Gold ETF/ETN to catch any move up, you could try DGP (PowerShares DB Gold Double Long ETN) or UGL (ProShares Ultra Gold ETF).
I would be careful using the 2x/3x ETF/ETN's for swing/position trading though, as they can be quite volatile. Just take a look at AGQ (ProShares Ultra Silver) which had a daily range of about 15 bucks at the moment. Most traders use leverage ETFs for day trading.
Cheers. =^.^=
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Registered User
Joined: 4/7/2011
Posts: 69
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You're right, I meant UGL for long positions, and I completely agree that they should be used for day-trading only, or you could get burned really bad.
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