Tuesday, June 18, 2013

Dennis Gartman: Gold to $1000

Dennis Gartman of The Gartman Letter on Gold:

Like an aging athlete, [gold] just keeps faltering. It cannot just quite get across the line to catch that pass any longer than it used to be able to do very readily. Even with all of the news that is supposedly as bullish of gold as you can get – a weakening dollar at times, continued monetary expansion by every central bank in the world – gold can’t rally.

The oldest rule in commodity trading is when something can't rally when the news is bullish, it's a bear market.