Thursday, October 31, 2013

Dennis Gartman eyes a new gold trade - NEWS.GNOM.ES

Ongoing quantitative easing from the Fed is making a few trades attractive, the commodities trader says.

Ongoing quantitative easing won’t be great for the U.S. dollar but will make a few other trades attractive. “As long as the Fed remains accommodative on into 2014 and I think they will remain all the way through 2014—that’s probably not supportive to the dollar,” he said. “It’s probably supportive to the bond market. It’s probably supportive to the gold market. And it’s probably supportive to stock prices.”

On CNBC’s “Fast Money,” the editor and publisher of The Gartman Letter, who continues to be long gold in yen terms, said that he was now looking at another trade.

“I’m actually interested in buying gold now in euro terms,” he said. “I’m interested. I’m not doing it yet. But I have a fascination with what’s going on there.”

Gartman also said that this week’s Federal Open Market Committee meeting would be uneventful. “It’s probably going to be probably the most boring FOMC meeting of the year,” he said, noting that it does not make monetary policy changes without holding a news conference. “It’s going to be a very boring session.”