Seeing as the European crisis seems to be intensifying it is important to take a look GLD, an ETF that has more gold than many countries. Why is this important? Well because as I've said in my replies to my readers...institutions will be selling top performing assets (gold) to raise cash to repair nasty balance sheets. The institutions that are in trouble are banks (not that hedge funds are doing too hot) so let's take a look at the top holders from NASDAQ:
Those are the first three pages so as to prevent redundancy.
#1 Holder (Paulson) is down some 35% YTD. The rest are for the most part banks (many European banks that are in a lot of trouble) I'll leave it up to the readership to figure out for themselves what happens to gold when these institutions go into full blown crisis mode.
And link for your viewing:
http://www.nasdaq.com/asp/Holdings.asp?symbol=gld&selected=gld
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