A Gold Bull Stops Running 10 comments
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Oh, my. A long-time gold bull has decided he won't slash his horns at the red cape any longer.
Monday's Gartman Letter offered the stunning news that its editor, Dennis Gartman, was bailing from his long-held bullishness on gold. Gartman then telegraphed his trading intentions, saying he'd use the rebound from Friday's sell-off to exit his entire long position.
This is the first time in three years that Gartman, whose widely followed newsletter is directed mostly to hedge funds and brokerages, hasn't held a positive outlook on the yellow metal.
Gartman cited a waning in the gold market's relative strength this year, noting it was "a circumstance that has bothered us but which we were willing to overlook so long as new highs were being made." The market's failure to reach higher price plateaus, says Gartman, indicates the bullish trend has been broken.
Friday's market was, indeed, scary, featuring a nearly $24 gap-lower opening in the COMEX June delivery at $919 an ounce, followed by selling down to $907.50. The contract struggled to a mid-range close at $915.20. Monday's market opened $8 higher and reached for the $931 level before settling near session lows at $917.60. Tuesday morning's market carried over short covering from the overnight trade. Technical signals are tipping over to the bearish side, putting June's support at $907 in trader's sights. If that's taken out, the next stopping point looks to be $876.
June COMEX Gold
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This article has 10 comments:
Oh by the way, most gold bulls need to jump ship to resume the gold rally, looks like Gartman and his followers may be the catylyst needed. Thanks Dennis.
Aztex66 in Glendale, AZ
But on the news being "rigged"...ya think??...I say only if Pravda was rigged...ya think?? Ask journalists around the world. As of the past 5 years or so, the US press has been ranked as one of the absolute WORST in the WORLD for trying to get real eyewitness news printed...worse than a number of countries with absolute dictators!! It is controlled to the max...and it is owned and controlled by the very ones that own and control this country's money supply.
If you want to know who the MSM is now...go read George Orwell's 1984--they are the purveyors of "governmentspeak." And they will tell you EVERYthing they want you to know and to think. Count on it. jt
I have no idea why he is even in a position that he is vis a vis the media.
Oh I get it now: He is a PAID mole in the media!
Personally, I will not listen to ANYTHINg this idiot corporate fat Stooge has to say.
Now Gold and Silver are coming out our ears and they will stop gaining value and start subsiding. Wow things change so fast just from some very smart analysts. What a genious. This isn't a volatile correction in a very bull market that just had a major run. NO, this is the end of the bull run. It just reached the highest it can get and so naturally everything has to change around without any real catalyst.
MORONNNNNNN!!!!!!!!!!!...