Dennis Gartman of The Gartman Letter, a $500/month financial newsletter, has a short gold position on at about $810 with a stop in the low $830’s (which came close to taking him out).

Recently, however, upon attending a gold conference Mr. Gartman noted extreme despondency among the participants.

Knowing that the extreme optimism last Spring was a indicator of a short term market top, Dennis is now concerned that the despondency may be indicating bullishness. Naturally, that makes a man who is short gold rather nervous.

No word yet on if he is willing to bank a $40 profit and close the position, but we will see.