Dennis Gartman is calling for strength to be sold in the gold market as he feels that gold is in bear mode.
Don’t get me wrong, I have great respect for Dennis if for no other reason than his ability to get up so early EACH and EVERY morning! But Dennis, would you like to make public for everyone your track record on gold trades over the last couple of years?
Dennis made a great call, I think it was December of 2006, saying to get out. But since then, most of the trades I have followed of his seemed to go the wrong direction – some VERY quickly.
Maybe gold isn’t ready to take off yet; just as soon as you count (and invest heavily) on the “sell in May and go away” strategy it will go against you. Equally as noteworthy is to buy in August and bet for a fall rocket ride will go against you.
But gold is a currency, among other things – which the bears discount, and with a financial crisis of epic proportions upon us you can be sure that many a government will manipulate currencies for all they are worth.
The question is: are you a short term trader or a long term investor? Long term investors need to look at fundamentals and decide if the current price will look good a year or more from now looking back.
I think some buying is in order.
If you want some specific suggestions look no further than:
