Dennis Gartman has quite a reputation, and everyone wants to know what he’s saying.
Of course, only those ponying up $500 per month get his missive at 5am to read it for themselves, but one has to wonder how he’s doing of late.
With gold banging around the $760 mark, Dennis was pooh-poohing the yellow metal and it’s silver cousin. Now, with gold at around the $900 mark, he is long “1 unit” as of last Friday. Dennis seems to think it’s time to get back into “stuff”.
Despite my respect for the man, I have to wonder if gold is headed back down, and indeed it is weak this morning.
We have the Russians buying gold and calling for a “new world financial system” that isn’t reliant on one money-printing machine (the United States).
We have unprecedented (bad) financial events and government bailouts.
The only real question is why we don’t have $1200 gold and $25 silver (or higher).
My answer? Boobus Americanus either has no money to invest in gold and silver or doesn’t know the first thing about how to go about buying it.
If you want to survive and make money in times like these, listen to pros who don’t oscillate with the price of gold – typically getting the direction wrong – go with long term trend followers who happen to cost a LOT less than $500 / month.
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