I am not a “gold bug” but I will admit to being bugged by gold. That is, all of the attention it gets based on a reputation. I think that like Bitcoin, meme stocks, and wildly-overvalued mega cap stocks, there’s one reason to own gold: Because others are buying it and lifting the price, which can create short-to-intermediate-term profits for me in things like the SPDR Gold Shares ETF (GLD), writes Robert Isbitts, editor of ETFYourself.com.

That’s about it. And so, when the GLD appears poised to break out after a dip from recent new highs, that’s a classic pattern that could allow gold to vault higher.

For how long? I have no idea. But will I look more closely at participating? Yes, but not heavily, and likely more through my trading accounts than investing accounts.

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For instance, implied volatility is reasonable for GLD, which has a liquid options market. So that means I can put an amount out that equals my maximum loss (so I know my risk), and the upside is theoretically unlimited.

This is the type of thing I’ll do more of a play-by-play on at SungardenInvestment.com if I do indeed get involved beyond a “swing trade.” But for the here and now, the potential and hype here makes this a key chart I’m watching this week.

Recommended Action: Buy GLD.

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