Gartman says gold is going loooooower
- Thread starter stock777
- Start date
Gold is for trading, not for owning.
Gold is more a hedge that should probably never exceed 20% of your holdings for any reason. The spike since july 08 was associated with the fear trade held by those who believe the US is heading into a Depression, and that QE was merely delaying that inevitability.
So, if this theory doesn't hold water, the july 08 level may be revisited. And, furthermore, Gold does tend to cycle up or down for many years, so it is not outrageous to think it could revisit year 2000 levels if the world economy improves in 2015.
I'm not looking in hindsight, I posted in 2011 that I thought Gold looked toppy and may be somewhat of a bubble. Of course, I am far more optimistic about the world economy then many on here.
I would never presume to have known exactly what Gold was going to do in 2011, because shorting strong markets is a fools game. Its no longer a strong market, in fact, it was obviously in a down trend at much higher levels, and most gold mining stocks crashed in value long before now.
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Some great points Z Dr g;
but i like mr Gartmans counter-trend comments-however going counter trend makes better news than profits. LOL
Nothing in this post is disrespectful to mr Gartman;
likable trader
But do the gold banks want it to go lower
(Source: http://www.cftc.gov/MarketReports/BankParticipationReports/index.htm)
(Source: http://www.cftc.gov/MarketReports/BankParticipationReports/index.htm)
Anyone notice gold closed at a recent high yesterday, after a huge upday, as forseen by the PriceDrivers�