Gold has now been over $800 for a few days, but Dennis Gartman isn’t buying this rally - he’s selling it. Dennis went short the other day at $808 with a 3% stop (about $833, I think). Mr. Gartman sees the current gold price strength as nothing more than a bear market rally.

In contrast, Peter Grandich was saying a week ago that a solid close about $775 would signal the all clear.

And Peter Schiff, who is given credit for getting a number of calls correct in the past year (yeah, but how much money did his clients make?) is calling for $2000 gold next year. (Could be a long year, he doesn’t say when.)

Dennis Gartman does not exactly have a stellar track record over the past year in calling the gold price direction.

Considering that people the world over are trying, mostly unsuccessfully, to get their hands on physical gold and silver by the truck load; I’m not comfortable following Dennis Gartman’s lead and shorting a unit of gold.

In fact, I’m looking for a few spare bucks to buy a gram or two - if I can find it.

If you find yourself needing some economic advice that can make you money - advice that is often at odds with The Gartman Letter, then try a Risk Free Trial Subscription to the Casey Report.