Gold – Followup

Posted by Dennis Gartman - The Gartman Letter

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As for gold, $952 has not held as it should.  We added to our long positions yesterday at that level, and for a 

few brief hours we looked wiser than we are.  After a sharp rally toward $975, gold stopped; stock prices 

rebounded and gold fell, breaking the uptrend line we highlighted here in our commentary yesterday.  It is 

time to head partially for the sidelines, and so we shall, With the MarketVane bullish consensus figures up into 

the mid-80s, the market is crowded. We knew that, but we hoped it might get more crowded still. It shall get 

less so as we exit, cutting only what we bought yesterday, and nothing more, taking a very small profit 

on this part of the trade. If that is the worst that happens to us in the coming days, weeks and months, 

we are fortunate indeed. 

 

 

 

 

Excerpt from Dennis Gartman’s widely read around the world morning comment – <P> For subscription information contact The Gartman Letter L.C.<P>  

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