an tSionna {2.15.11}-GLD

A chart of the gold ETF GLD.  Gold has underperformed the markets this year after being one of the best asset classes over the past several years.  A lot of debate amongst the chattering classes about what all this means.  To us it's pretty simple.  Right now GLD is locked in a trading range.  We'll take our cues about how it reacts as it kisses either the lower or upper bands of the range.  Right now it looks neutral by our work which could of course change if any of these ranges are violated.

Gold is a different asset class and there are reasons to own it as a hedge and not only for appreciation. 

*Long GLD in certain client accounts.