Gartman issues massive buy signal for gold

[AK100]

The problem with taking profits in Gold for most long term investors, and assuming the market makes short term top (1-6 months), is where do they get back in?

As easy as the question sounds it's actually a hard one to answer.

So I'd bet most who try to trade will mess up and be waiting for a deeper retracement which to buy. When the Gold train takes off again they'll be kicking themselves for trying to be 'too clever'. But when they sold around the original highs they'll pat themselves on the back for being 'clever'.

Moral of the story, if you're long Gold expecting a major move, turn your Kitco feed off, sit back and don't try to be clever.........

 

[ralph00]

Quote from JPope:

He'll be kicking himself after it opens this morning...

All the grains locked limit up this morning.

Doesn't this guy get tired of making a complete ass of himself in the financial media? Don't Bloomberg and CNBC get tired of putting up a complete and utter moron as an interviewee over and over again?

 

[JPope]

Yea I guess he exited the trade a while ago, and I give him credit for outlining how poorly it went, but it hurts to be right at the wrong time...Welcome to harvest season grain trading.

 

[deadbroke]

Quote from stock777:

are you broke, dead, or both?

yawn! more preoccupation with my name - such creative thinkers!!

 

[asiaprop]

be my guest. Can gold rip higher? Sure if USD is sold more going forward, simple as that. This is not a gold move in itself, its all in response to relentless dollar selling, so simple. If you want to express a view then you better do it via USD rather than gold.

just my 2 cents...

Quote from ralph00:

http://www.ritholtz.com/blog/2010/10/gold-hyperoverbought/

“. . .we shall urge the greatest of caution upon everyone, everywhere regarding gold. It is not just over-extended to the upside; it is hyper-extended. It is not just overbought; it is hyper-overbought. We cannot strongly enough urge everyone to avoid buying gold here and we shall go so far as to suggest that those who are long begin the process of quietly heading for the exits and to reduce their positions to the most minimal ‘insurance’ positions possible. Everyone should have perhaps 5% of their liquid assets in gold, but at this point anything beyond that level is excessive.”

–Dennis Gartman, September 29 2010


This guy is such a moron. He has 2 talents - one is that he is able to word things to make it seem like he is right most of the time, the other is his knack for getting himself heard in the financial media.

I have no position in gold, but am tempted to buy some solely on this news.

 

[asiaprop]

again, there is NO GOLD TRAIN NOWHERE TO BE SEEN. You and anyone else who claims Gold is rallying does not get at all what this whole macro picture is all about. As one person pointed out, Gold is DOWN vs Euro. Gold is up vs Dollar not because Gold was bought, it was because dollar was sold, what is so fuxxing hard to get? Had you sold USD vs pretty much any other currency then you would be sitting on a lot larger gain than buying Gold vs USD.

Get real!!!

P.S.: Dont forget US-Ts, maybe you want to first compare all asset classes before you re-cast your vote on Gold.

Quote from AK100:

The problem with taking profits in Gold for most long term investors, and assuming the market makes short term top (1-6 months), is where do they get back in?

As easy as the question sounds it's actually a hard one to answer.

So I'd bet most who try to trade will mess up and be waiting for a deeper retracement which to buy. When the Gold train takes off again they'll be kicking themselves for trying to be 'too clever'. But when they sold around the original highs they'll pat themselves on the back for being 'clever'.

Moral of the story, if you're long Gold expecting a major move, turn your Kitco feed off, sit back and don't try to be clever.........

 

[AK100]

Quote from asiaprop:

again, there is NO GOLD TRAIN NOWHERE TO BE SEEN. You and anyone else who claims Gold is rallying does not get at all what this whole macro picture is all about. As one person pointed out, Gold is DOWN vs Euro. Gold is up vs Dollar not because Gold was bought, it was because dollar was sold, what is so fuxxing hard to get? Had you sold USD vs pretty much any other currency then you would be sitting on a lot larger gain than buying Gold vs USD.

Get real!!!

P.S.: Dont forget US-Ts, maybe you want to first compare all asset classes before you re-cast your vote on Gold.

Have some sympathy with us all please Dr Goebbels, most of us aren't as clever as you.....

 

[asiaprop]

just pointing out the obvious, you seem to have been caught in between the media trains.

By the way, Gartman is one of the most subscribed and read independent analyst shops among sell side and hf firms. He was pretty much on every long term trend.

Quote from AK100:

Have some sympathy with us all please Dr Goebbels, most of us aren't as clever as you.....

 

[AK100]

Quote from asiaprop:

just pointing out the obvious, you seem to have been caught in between the media trains.

By the way, Gartman is one of the most subscribed and read independent analyst shops among sell side and hf firms. He was pretty much on every long term trend.

Listen, there might be all sorts of ways to skin the same cat but try telling my father who's been religiously buying Krugerrands (in sterling) for the last 12 years that he's been doing everything wrong and hasn't made any money.

He loves a good joke.

 

[Debaser82]

Gold is up 100% in Euro's these last 2 years as well so no complaining here...

It's just this last run from 1200$ to 1350$ an ounce that can be largely atributed to USD weakness rather than gold strength.