Something truly fundamental – a veritable tectonic plate shift

Posted by Dennis Gartman - The Gartman Letter

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Brief comment below from the Ledendary Trader Dennis GartmanFor subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail:dennis@thegartmanletter.com HERE to subscribe at his website.

The market is also still trying to come to grips with the massive strength in the gold market since Wednesday evening. Gold is strong in all currencies, not just the US dollar and that is made all the more evident by the chart this page at the upper left of
gold priced in EURs and by the fact that in our price matrix the EUR is down by one half EUR vs. the US dollar in the past twenty four hours while gold is higher by $7/oz.

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Or, since prices were marked here Wednesday morning, the EUR is up by .3 EUR while gold is up $35/oz. In other words the tectonic plates beneath the global capital markets are indeed shifting as investors/central bank/hedge funds/individuals et al are fleeing from currencies and are fleeing to either gold or the bond markets.  As we said here yesterday, striking a chord of alliteration, “It [is] as if the flood gates had spilled open and a torrent of buying of gold along with a torrent of selling of dollars, of sterling of EURs, of Yen, of Rupees, of rubles and of Renminbi” It had and it still is, for this is not something that is merely taking place  but this is instead something truly fundamental in nature… a veritable tectonic plate shift…that shall have effects for days, weeks, months and perhaps even years into the future.  We do not say, nor take, these things lightly, and nor should our readers/clients/friends around the world.

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The Gartman Letter is a daily commentary on the global capital markets subscribed to by leading banks, broking firms, hedge funds, mutual funds, energy and grain trading companies around the world.

The Letter each day deals with political, economic and technical circumstances from both a long and short term perspective, and is available to our clients and prospects at approximately 10:30 – 10:45 GMT each business day of the year. Mr Gartman has been producing his commentary on a continuous basis since 1987, and has taught courses on capital markets creation and derivatives for banks, broking firms, governments and central banks all the while.

Comment from the Ledendary Trader Dennis GartmanFor subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail:dennis@thegartmanletter.com HERE to subscribe at his website