I haven’t written about Dennis Gartman of The Gartman Letter (TGL) much recently since he has been getting beat up quite a bit on his losing gold trades over the last year or so.
Dennis is a tough guy, though, and I think he can take it. Some speculate he is now using his very influential (and expensive) investment newsletter to “nudge” markets now that he has started a hedge fund as well. I won’t comment. In the past I always thought Mr. Gartman was of very high character and I know of nothing to change that opinion.
Recently, he has even been writing along the lines of a possible conspiracy in the price of gold, something I think he ridiculed in days past.
Currently, though, he is suggesting that the gold price will move back toward his (buy) target of $1000 per ounce in the next week or so. Naturally, Dennis uses more exotic language to state that simple point, but there it is.
He feels that people expecting higher prices in the short term have that opinion based on a misconception of the physical gold market. I don’t know, they claim Indian, Vietnamese and Chinese buying is all rather strong.
Buying of gold and silver in the United States, I feel, is still pretty much limited to us in the lunatic fringe.
But then again, they said that about us when we were buying at $280 an ounce 7 or 8 years ago. Wouldn’t you have rather had your money in the stock market – S&P 500, Dow 30 or the financials? Oh, wait, maybe not.
It isn’t too late yet to profit handsomely on the precious metals and the related mining shares. Many of those, in fact, reside in Canada which happens to have a pretty strong currency currently.
Be careful, though, this is not for the amateur. I rely on professionals to research what stocks to buy and sell. You can too.
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(Not an offer to buy or sell any security, past results not indicate of future returns, your mileage may vary; blah, blah, blah)