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.
Good question. I've been wondering about NUGT and DGP myself.
I had a pretty good list going a few months ago, but for some reason decided to go with GLD/SLV, which I have made a few dollars on, but I don't want to get stuck holding those two if/when the whole thing goes down the tubes. Haven't heard of your two, but I'll look into them.
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 one thing to keep in mind as respects Gold ETFs. You can only get out of a Gold ETF by converting your Gold ETF shares to paper/fiat money. You cannot exchange your shares for physical gold bullion. If you want to diversify some of your savings from paper investments into physical gold bullion the only way to do so is to actually purchase ounces of physical gold bullion in coin or bar form. This way you actually own a physical hard asset - not paper shares in a gold fund or the various gold certificate programs. You want to buy in a manner that you can take delivery of the exact gold bullion product you purchased.
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. Full Source