This brief initial comment  from the Legendary Trader Dennis Gartman.  For 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  WEEK BEGINS AS LAST WEEK ENDED, WITH THE DOLLAR TRADING LOWER ONCE MORE and for lack of something more fundamental to “pin” that dollar weakness upon we shall “pin” it upon the passing, Saturday night, of the House’ health care legislation that we find wholly disconcerting at a minimum and manifesting depressing and anti- capitalist at its worst.  We discuss this legislation below to some degree, but given that the legislation is more than two thousand pages long, writing a page or two or three about it does not do the bill’s left-of-centre damage to the US economy even modest justice.  As we write, the dollar is weak and heading toward new lows relative to the EUR, and gold is rising, moving upward through $1100 at the same time as money is leaving the dollar and looking to find a home in anything else that it may deem even reasonable secure. How sad is this and how terribly depressing  is it to watch as this once great country that attracted capital from around the world has now become the country from which capital flees at a moment’s notice… or at a bill’s passing?

GOLD IN EUR TERMS: Good bull markets in gold take place  in all currency terms, and in terms of the EUR it is  clear that gold’s trend is  higher… rather  relentlessly so.

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Mr. Gartman has been in the markets since August of 1974, upon finishing his graduate work from the North Carolina State University. He was an economist for Cotton, Inc. in the early 1970’s analyzing cotton supply/demand in the US textile industry. From there he went to NCNB in Charlotte, N. Carolina where he traded foreign exchange and money market instruments. In 1977, Mr. Gartman became the Chief Financial Futures Analyst for A.G. Becker & Company in Chicago, Illinois. Mr. Gartman was an independent member of the Chicago Board of Trade until 1985, trading in treasury bond, treasury note and GNMA futures contracts. In 1985, Mr. Gartman moved to Virginia to run the futures brokerage operation for the Virginia National Bank, and in 1987 Mr. Gartman began producing The Gartman Letter on a full time basis and continues to do so to this day.

Mr. Gartman has lectured on capital market creation to central banks and finance ministries around the world, and has taught classes for the Federal Reserve Bank’s School for Bank Examiners on derivatives since the early 1990’s. Mr. Gartman makes speeches on global economic and political concerns around the world.