Dennis Gartman went long a unit of gold again. Unfortunately some pundits don’t expect it to work out for Dennis and his followers based on the last year or so of trades.
To be fair, I don’t know anyone who has accurately called much of anything with regard to the short term movement in the price of gold recently.
I don’t know where the price of gold is going; Jon Nadler and some German bankers are saying that gold could be in the 600 area before long (shoot, it touched there today).
The destruction of certain foreign currencies as well as the price of gold and silver pretty much defies logic – certain explanations notwithstanding. The U.S. Treasury and the buffoonery that passes for a Congress in this country has shown no aversion to destroying the U.S. dollar, yet currently everyone wants it.
Want to buy gold or silver coins? Forget it. Go to eBay and pay a huge premium. Even if you are willing to pay huge premiums to either an online purveyor or a local coin shop, you likely won’t find anything for sale.
Doesn’t that usually result in higher prices? Oh, yeah, the “funds” are unwinding…
The big question I suppose is: when is what going to wind back up?
Dennis Gartman is a sharp student of the market, but I don’t think even he has the answer. If you want to read some good research and get a little guidance for the long term (forget the short term) check out these financial newsletters:
the TREND letter ($50 discount through this link only!)
Casey Report
