GLD was briefly the world’s biggest exchange-traded fund. In August 2011, GLD had assets of more than $77 billion, surpassing SPY (SPDR S&P 500 ETF) for a short time. The SPDR Gold Trust’s market capitalization rose to $76.7 billion — gold briefly topped $1,880/ounce. At the same time, SPY’s “capitalization” was ~$74.4 billion.
I missed this detail in real time (I caught the Bond version in 2003). With the benefit of hindsight, its easy to say this was a contrarian signal. Not that you should short GLD, although that surely was a wonderful trade. But rather, that SPY was attractive, as this was a sign of extreme dislike for equities.
Have a look at the SPY chart and GLD (and Apple as well). click charts to enlarge them
And for a little comparison, here is Apple — GLD looks somewhat similar . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.