Friday, January 30, 2009

Welcoming David Einhorn To The "Gold Bug" Club

Our own Lon Juricic is personally welcoming Greenlight Capital's David Einhorn to the "Gold Bug" Club. Recently we learned that Mr. Einhorn started taking the advice of his Grandpa Ben and bought gold for the first time. Lon has been long gold, though the ETF SPDR Gold Shares SPDR Gold Shares (NYSE: GLD), since the fall of 2008, when gold was in the mid-$700 range. Gold has since run to about $900.

Einhorn is buying gold and call options on gold and Market Vectors Gold Miners ETF (NYSE: GDX), which is an exchange-traded fund which seeks to replicate the price and yield performance of the NYSE Arca Gold Miners Index. Top holdings of the index include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG, Newmont Mining (NYSE: NEM), Kinross Gold (NYSE: KGC), and Yamana Gold (NYSE: AUY).

While Lon is a solid gold bull, he still has some reservations about the precious metal. You can read about those concerns and more on Einhorn here.

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While Lon is a solid gold bull, he still has some reservations about the precious metal.

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Anonymous sell structured settlement said...

The first Gold Bug Club (feb 11th) was a great success. Leo from Cheka played a fab solo set, I played and then my new favorite band ‘Gaolers Daughter’ check em out at I saw them last week at 229 on Great Portland street and they were fantastic, although i think their acoustic set at The Boogaloo shaded it. They’re gonna play the Gold Bug Club again April 15th so be sure not to miss.

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