Dennis Gartman, hedge fund manager and author of The Gartman Letter, came out today stating he is abandoning his long-held strategy of buying gold and is advising investors to get out of gold immediately as the precious metal reaches a technical top and is due for a pullback.
CNBC: “We shall surprise a lot of people this morning with this statement, but we wish to rush to the exits entirely with our long positions in gold versus the foreign currencies,” Gartman tells clients regarding the gold trade.
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We want out…entirely…We wish we’d have been able to send [the letter] to everyone earlier this morning when exiting the trade was wiser”, says Gartman, “but we’ve a time table to stand by and we are few hours late in exiting…but exit we must…entirely…upon receipt of this commentary.” [emphasis added]
Gartman also said that the trade to buy gold in euro terms had ‘gone parabolic’ on Monday when it soared above 1,000 euros an ounce.
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Gartman is a shill, once gold drops a little he will silently get in and buy a bus load, hold your gold as it will be the only thing worth holding down the road.
to BINDER…he bought back in Friday! Nice call…he says he thought it would take 3 or 4 wks to correct the overbought osition , but in 3 days he says the correction looks overdone. He bought back in. Nice Call…it appears he bought from the ones he told to sell :)
Perspective, context, strategy and then trade. Gartman and all traders are not investors. Got that? Traders are strategist and profit only when the PCST aligns. Gartman isn’t a shill, he’s selling his perspective that is a commodity to market traders, who then distill his message according to its context and to their stratedies. The sub-text of your comment reveals your insecurities, inabilities and envy of those capable of aligning PCST