Economist Dennis Gartman Is ‘Nervous,’ Cuts His Gold ...
Jun 03, 2011 · Dennis Gartman , the economist and editor of the Gartman Letter who correctly forecast 2008’s commodities slump, cut his gold position by half today and ...www.bloomberg.com/news/2011-06-03/
Market Nuggets: Gartman Re-Establishes Long Gold Positions
06 June 2011, 08:59 a.m.
By Kitco Newshttp://www.kitco.com/
(Kitco News) -- Newsletter writer Dennis Gartman says he is re-establishing his long gold position. He closed half of his position early Friday on fears of a further correction, “and in retrospect we were right to have done so for the risks were large.” However, Friday’s weak U.S. jobs report left the Federal Reserve no choice but to aggressively maintain easy monetary policy, prompting Gartman to “get back that which we sold.” Even when he exited some of his position Friday, Gartman says, he was not bearish but simply less bullish for the time being. He continues to favor gold in non-dollar terms and notes, as of when he wrote his Monday's daily The Gartman Letter, gold was below where he sold it Friday in euro terms and only marginally above where he had sold it in sterling terms. “Little damage, if any, has been done, and the trends are still firmly in our favor. We return then to what we had had previously, likely to less fanfare than when we exited.”
By Allen Sykora of Kitco News; email@example.com