Barrons "worlds most crowded trade"

... Investors began to unwind what might be the world's most crowded trade—short the U.S. dollar and buy commodities

The above quote is from a Steven Sears Barrons article "Reversing the QE2 Trade" (link). If the link is expired try searching on the article title, June 25, 2011.

The rapid two day smash in GLD might be part of that unwinding. Sears focuses more on oil and currencies in his article than metals.

It is sometimes difficult to tell where the crowd really is, and the second and third level observations. Treasuries as tracked by TLT certainly have the look of a crowd. Then again it might be more of a tug-o-war with shorts establishing positions while QE2 is winding down.