Can anyone recommend any good gold and silver ETFs for short term trading since GLD and SLV are not to be trusted? Not talking about options, just regular trading. Thanks.
Gold and silver ETFs?
Good question. I've been wondering about NUGT and DGP myself.
If the whole thing goes down it won't matter what paper product you're holding because the counterparty will go down and you will become an unsecured creditor. People are going to tell you that PSLV is safer than SLV because it's backed by real metal, but unless you have 100k shares, you're never ever going to see any metal from them.
Buy physical; it's the only thing with no counterparty risk. If you just want to day or swing trade, it won't really matter which vehicle you choose. Most short term traders here use GLD/UGL/SLV/AGQ/DUST/NUGT/ZSL, etc. because they have good volume and tight spreads. Many people also short term trade miners and related indexes like GDX and GDXJ.
Just remember with the 2x ETF's that they will get exhausted and will not track the underling at equal amplitude movements. In other words, you really only want to hold them during the big moves in either direction.
Many will tell you not to hold them over night due to gap issues, but you need to evaluate that for yourself.
Just wanted to explain the difference between a Gold ETF and actual ownership of physical gold bullion. Hope this helps. If anyone has questions, please let me know.
As a relatively new precious metals bullion dealer with a passion to educate and serve people honestly, its great to take part in a new Gold Silver Forum. I am looking forward to lots of good discussion and conversation.