GLD Charts
$GLD: (intraday and daily chart)
Position: None
Gold Tarnished
$GLD is -$7 today.
I would continue to avoid bottom fishing.
Repeating for emphasis:
There’s No Gold in Them Thar Hills Today
Position: None
BY Doug Kass · Oct 21, 2026, 3:48 PM EDT
Positions: None
A Bull on Gold
But the magnitude of the selloff in precious metals doesn’t appear to be as substantial as many think based on the long-term chart of gold:
For now I am approaching $GLD as a “trading sardine” and not yet as an “investment.”
Position: None
Gold Looks Very Attractive
While we have seen yields rising in fixed income and even a modest rally in bitcoin, the one alternative that has my attention these days is gold. I bought some $GLD when gold futures were hovering new $4,000, then sold a slew of it after rallying some 15%. We are back down near $4,100 and I am getting aggressive again and will buy even more at lower prices.
Why am I so interested in the yellow metal?
First off, inflation hedging is great with gold; also, the dollar may have started a corrective phase here. More importantly, the market is predicting the Fed will NOT raise rates next week, as I think they should be doing. When you talk about wanting to bring inflation down to 2% and you just get a print that is 15% annualized, well there is a disconnect here. If the Fed next week in their meeting listens to the market it means more inflation and less fighting off high prices with rate hikes.
Those are the magic words for gold. Not many are talking about it now, but we are right here. The GLD at $375-380 looks very attractive, and next week might go on a massive run if the above scenario plays out.
At the time of publication, Lang was long GLD calls for January and April 2027
Bank Earnings Get a Cool Reception as Chip Jitters Linger
Memory makers fell again and the big banks missed Street expectations but Mag-7 strength kept the S&P 500 flat.
As the Chatter Turns Back to Broadening Out, Are We About to Be Overbought?
Answering readers’ questions about the bonds and Nasdaq.
As Gold Goes So Goes Equities (Short Term)?
* Play along with me on this one!
As I have mentioned recently I have noticed that on a very short-term basis $GLD has led $SPY.
GLD has rallied about +$2.50 from the lows after being -$8.
As GLD rallied so did the SPY.
But GLD seems to be making no headway after the dead cat bounce. Will SPY resume its downtrend over the balance of the day?
Maybe.
But I have still not reloaded on the short side, save the additional short in $GRNY.
And I have certainly not replaced my covered index shorts from the whoosh lower in the AM.
Position: Short SPY (VS), QQQ (VS), GRNY (M)
Still On The Sidelines With Gold
* As we treat it as a “trading sardine”… and not as a foundational long
I treat all commodities and commodity-related equities as “trading sardines.”
While I view gold as a prime beneficiary of the profilgate spending in Washington, D.C. (and continued currency debasement) – I still see precious metals as a trade and not (yet) as a foundational position, particularly with interest rates on the ascent.
We traded in and out (profitably) three times in $GLD over the last 45 days or so – buying weakness and selling strength.
This morning is GLD is down by almost five beaners as the US dollar advances higher and rates resume their rise:
Positions: None
Early Morning Thoughts
I am back shorting the indexes on a scale this morning.
The proximate causes include (as I mentioned midday on Friday):
* Most importantly the inability for bond yields to stabilize even after Friday’s weak jobs report.
* As financials go so goes the markets? Banks, after a deadcat bounce, are stinking up the joint.
* The continued dollar strength is likely to put pressure on the price of gold. I have observed that $GLD leads equities recently.
* My calculus on fair market value for the S&P is much lower than current cash levels.
And all the other fundamental and valuation concerns I have !
Positions: Short $SPY VS $QQQ VS
My Response to Gold Weakness
The weakness in gold ($GLD) — from $385 to $381 — is surprising considering the weak jobs data and the softness of the U.S. dollar. ( A similar reversal just occurred with $TLT from $78.32 to $77.75).
My reaction is to sell more $SPY $771.93 and QQQ $753.76 …
For now it is unclear what the message of the reversal in precious metals and bonds mean – but I am probing and thinking.
Note that we sold out our $GLD long (for the fourth time and for a profit) on Wednesday:
Things I Did This Morning
Here is one of today’s things:
* I sold my GLD at $386.34
BY Doug Kass · Sep 30, 2026, 9:53 AM EDT
Positions: none.