Comment by Richard Russell – Dow Theory Letters:

Dennis Gartman is an experienced commodity trader. Dennis has been very cautious about gold; he “sort of” likes gold, so he calls himself a “gold agnostic.” For this reason its most interesting to read what Dennis says about gold in today’s report.

“Turning, then to gold and other metals, prices turned sharply for the better yesterday as the world rushed out of equities and looked for any safe harbors that were available. Certainly the rush to the Swiss franc was obvious, as noted above, and so too the rush into sovereign debt securities. But frankly, the rush was on to gold once again. We remain long what we have referred to as an ‘insurance’ position in gold, but we own it in terms of EUROs and /or of British pounds sterling, otherwise we remain an agnostic. To assuage our friends who are gold-bug-leaners, we shall not be short of gold. Nothing likely shall ever turn us manifestly bearish of it. But for the moment we are simply hard upon the sidelines, owning only this small ‘insurance’ position and comfortably in that position.

Might we be enticed back to the bullish side of the market eventually? Of course we might. If the situation in the global equities markets became dire, we might move from agnosticism to ‘faith.” If we were to see the monetary authorities throwing caution to the wind and massively explode their balance sheets, we might be enticed away from our agnosticism to ‘faith.’ If the political situation were to become untoward,and patently uncomfortable, we’ll throw our agnosticism in to a heap and join the gold market faithful. But until then, agnosticism works for us.”

Russell response — I can understand Gartman’s caution. Dennis is an old-time trader, and he’s seen a lot of traders get killed by taking huge and wrong positions.

My own position is that gold is in a clear and obvious primary bull market. These situations come along maybe two or three times in a lifetime. I was convinced back in 1999 that the bear market in gold had ended with gold selling at 256. In the year 2000 they were literally giving gold mining shares away. At that time gold shares were so ridiculously cheap that I told subscribers that they should buy these stocks (many selling for just a few dollars a share) and hold them as perpetual warrants. – Richard Russell – Dow Theory Letters

Interesting BNN Interview:

Kaminak Gold’s CEO was on BNN earlier today. I’ve bet the ranch (so to speak) on Silver Quest Resources (I’ve bet my lungs before and lost). I like to bring your attention to his notation about soil samples and the results from drilling under them and suggest you look back at SQI’s press releases and their soil sample results – Peter Grandich Grandich.com – Grandich Client Update – Silver Quest Resources Continues to Grow The Capoose Resource

Fingers, toes and all other items available are crossed.Kaminak Gold has recently announced three major gold discoveries in the Yukon’s White Gold district (not the Klondike) causing the stock to climb sevenfold within the past year. BNN interviews the company’s CEO Robert Carpenter.

Click HERE to Watch BNN on the Yukon Gold Rush