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.
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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