Considering gold touched $1800 an ounce, should you take profits or buy high and sell higher?
According to the pros that has everything to do with your time horizon.
If you’re a long term investor the trend remains from the lower left to the upper right.
"We don't see anything out there that's going to reverse the appetite for gold," says Deutsche Bank commodity strategist Michael Lewis, whose team reaffirmed its forecast for $2,000 an ounce next year, in a Reuters interview.
”Long-term I agree with that,” says Rich Ilczyszyn Of Lind Waldock.
However if you’re a short term trader both Ilczyszyn and strategic investor Dennis Gartman are skeptical.
”I’d be bullish but a lot less bullish than I was – I think it’s time to cut the position by half,” says Gartman. Largely Gartman thinks gold is too crowded.
”We’ve gone $100 in 3 days,” adds Ilczyszyn. “I’d also take profits and maybe even go short. We’ve just gone too far too fast.”
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Trader disclosure: On Aug 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (CSCO); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (M); Finerman’s firm owns (MSFT); Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Nathan owns (AAPL) call spreads; Nathan owns (BAC) put spreads; Nathan owns (CSCO) call spreads; Nathan owns Gold puts; Dennis Gartman is long the Yen; Dennis Gartman is long Gold; Dennis Gartman is long Crude Oil
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