Well it didn’t take long for Dennis Gartman to throw in the towel on his “2 units” of gold that he recently went long with.
Dennis just doesn’t see any value in gold for the time being, all anyone wants is U.S. Dollars. And from what I can see, Uncle Hussein (or wait, not yet) is more than willing to accommodate that desire.
Since Mr. Gartman does apparently see some possibility for the end of the world as we know it, he is hanging onto some gold coins he picked up in September – when you could still get them.
Despite all the noise about there not really being a shortage of gold or minting capacity or any of the other rot you hear bandied about these days, I sure can’t find anyone with gold or silver coins for sale. Not that I have any money left to buy them, but I’m curious whether or not they are for sale and at what price.
Heck, I could go without lunch for a couple of days in trade for an ounce of silver. Never mind that I rarely fork over $5.25 for the Big Mac and fries but instead brown bag it. If I did, however, 2 days without a McLunch should pay for one ounce silver coin. But the truth is that IF any one ounce silver coins were available for sale, it would likely take 3 of the McLunch’s to pry it out of the hands of the owner.
Does that tell us anything?
Maybe you and me, but obviously not the markets.
And the markets are always right, right?
There is a fresh edition of the TREND letter ($50 discount through this link only!) out this morning. Subscribe today and get a copy to read so you some clue what to do.
