Friday, June 28, 2013

Dennis Gartman neutral on Gold

Gold has probably seen its worst. I'v been bearish on gold for some time. I short gold short crude oil in a really complicated way but it has worked quite well.


Thursday, June 27, 2013

Dennis Gartman: Stocks bottomed for now

For the first time since February I actually stepped up to buy Stock indices. As Iv said in my newsletter Iv been agnostic on stock markets. Yesterday's lows better hold, and I think that they probably shall," he said. "I was really quite impressed by the ability of the stock market to accept a uniquely bad GDP report, second revision of a report that was due six months ago, and it took it very well."

It looks like a bottom. The trend has been from the lower left to the upper right. I own stocks first time in a long time. It's the bottom for this run, and it should hold," he added. If the bottom doesn't hold, I'll go to the sidelines.

Wednesday, June 26, 2013

Gold in a long term bear market

I think gold can rally $25, $30 from here, but it is a bear market in gold in dollar terms. Stay away from it. I think. If you own some and you get a rally, get rid of it. It is a long-term bear market.

For years I've owned Gold in terms of Yen terms. Turns out it was a bigger yen trade than a Gold trade. Gold is just another currency.

Monday, June 24, 2013

Gold needs fuel to go up

Gold needs fuel and a lot of fuel and monetary aggressiveness to push it up. It only has one friend in the Bank of Japan. If you are going to be long Gold, the only way to be long is to be long in terms of Yen. Anybody who holds Gold in dollar terms finds himself in a very uncomfortable position.

You can't find yourself being too terribly bullish of any of the metals at this point. I'll press the short side in gold.

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.

Thursday, June 13, 2013

Yen trade ideas from Dennis Gartman

If I come back into the trade[short YEN], I'm going to buying Canada, I'm going to be buying the Aussie," he said. "I may even buy Kiwi and sell yen against that.