Dennis Gartman, founder of The Gartman Letter, told CNBC Monday that the price of gold will “continue to go up until it stops.”
“It is a gold bubble and to say otherwise it’d be naive,” Gartman said. He called the trade on the precious metal: “mind boggling and unbelievably crowded,” but also said he is currently long — or betting gold will go higher.
According to Gartman, gold’s Friday low of $1,102/oz is the floor. If it breaks that support, he suggests investors should “head to the sidelines.”
When asked for a proper place where to put money as a hedge against inflation if it’s not gold, Gartman tipped Canadian and Australian currencies.
“If you’re going to be any place, be there,” Gartman said.
Australia’s central bank has already raised interest rates twice in the last couple of months and Canada is preparing to hike its key lending rate, he said.
Utter nonsense, gold is extremely undervalued compared to real inflation and historical prices. it is simpley in a bull market which will continue untill or rather if the market stabilizes. gold will not be in a bubble intill we see more than $5000 dollar gold because that is where it should be based on real inflation. more exciting still is silver being 70% lower than its all time high, which means a long long way to go for silver!
Gold is money and a repository of wealth, as it has been for the last 5000 years. Paper is still paper; you can print on it or use it for toilet paper, you choice.
Some of the people on CNBC really have no idea what they are talking about. Andrew Ross (the young guy),for example, only got on these shows in 2008. He does not have any real type of experience except that he wrote a book about the crash after the crash. They should be have people on these shows who actually have been right about things.
are you freekin kidding dude DG is the realest person on CNBC