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Gold Fever
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Main Street may have found its next bubble to ride. With prices above $900 an ounce, America has gold fever. Grandma’s heirlooms, wedding bands, even gold teeth are being thrown into a melting pot for a fast buck. In fact in the latest spin on Tupperware parties, suburban housewives are hosting gold gatherings to collectively melt down their wares.
Travel agencies are also getting into the act with mining vacations to California and Alaska. And in Florida there’s a shortage of metal detectors as hopeful adventurers hit the beach to seek long lost treasure.
So, what’s the trade as the nation’s gold fever rises out of control?
With so much gold coming into the market it could create a shift in the supply / demand dynamic. Be careful of a move down, counsels Karen Finerman.
If you want to play gold, look at Newmont Mining [NEM
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], says Guy Adami.
I don’t think gold is the commodity of choice. I prefer oil and coal, says Pete Najarian. Look at Bucyrus [BUCY
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] or Joy Global [JOYG
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].
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Trader disclosure: On Apr. 14, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (YHOO), (INTC), (HAS) (MSFT); Najarian Owns (AAPL), (AMR), (CSCO), (TSO) (XLF), (YHOO); Najarian Owns (BHI) Calls, (BSC) Calls, (CHK) Calls, (LEH) Puts; Najarian Owns (MSFT) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), (GLNG), (CROX); Finerman's Firm Is Short (IYR), (IJR), (SPY), (MDY), (IWM), (COF) (GLD); Finerman's Firm Is Short (FNM) Calls; Finerman's Firm Is Short The British Pound; Finerman's Firm And Finerman Own (KALU); GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
Data is a real-time snapshot *Data is delayed at least 15 minutes
