Monday, September 30, 2013

Gartman: Agnostic On Gold, Except In Yen Terms

Gold in yen terms at least has gone sideways,” over the past few years, he told industry experts at the IndexUniverse Inside Commodities Conference in New York City. Gold in dollar terms has been definitively a detrimental and ugly long investment.

Exchange-traded funds (ETFs) have helped drive market volatility. 

I am overtly, manifestly, insistently, bearish on the Japanese yen. The Japanese have no choice but to devalue their currency, and commodity prices in their terms are going to go dramatically higher.

The United States will also become a net exporter of energy within five or 10 years, thanks to a hydraulic fracking and natural gas boom here.

The U.S. is already a net exporter of gasoline, though exports of crude oil are banned by law here.

It’s only a matter of time until the United States is a net supplier of energy to the rest of the world. Given the growth in the fracking industry, we’re very soon going to be energy independent.