Hedge funds have been lowering their holdings of long-time favorites like gold. Holdings in GLD were lower than they have been in at least four years, equaling just 0.6% of long positions as the ETF fell 6% in price…

Like Howard Marks recently said:

“There is nothing intelligent to be said about gold. Nobody can tell you the right price for an ounce of gold. People will tell you it should go up or go down. To make any intelligent statements about investments you have to know what the right price is. You can’t do that with an asset like gold, which doesn’t produce any cash flow. So you can buy it out of superstition or ignore it because you are an atheist but you cannot buy it with an analytical foundation.”

Which begs the question: where has Peter Schiff been lately?

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