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After recently saying the price is headed to $1K if $1.2K support is broken, Dennis Gartman says...

After recently saying the price is headed to $1K if $1.2K support is broken, Dennis Gartman says it's no longer time to be short gold. He thinks the yellow metal has probably "seen its worst" in the recent selloff in which the precious metal fell to its lowest level since 2010 to under $1.2K an ounce. "I'm not sure that I want to step up and buy," he adds, "but the time to be short of it is passed... it's time to go to the sidelines." (Video)
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Comments (12)
  • paul j schupf
    , contributor
    Comments (79) | Send Message
     
    This guy is a doofus. He recommended Dryships over and over,
    It went down 50% or more and not a word.
    28 Jun 2013, 05:36 PM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2922) | Send Message
     
    That is funnier than sxxt!
    28 Jun 2013, 05:41 PM Reply Like
  • rseiter
    , contributor
    Comments (143) | Send Message
     
    You don't make money on the sidelines.
    28 Jun 2013, 05:43 PM Reply Like
  • chuck lewis
    , contributor
    Comments (369) | Send Message
     
    Unless you are selling beer and hotdogs.
    Editor The Lewis Letter
    This guy is the last I want in the trenches with me when the enemy is coming down the hill. Hope he is short as the quarter ended today and new players wanted to show NEM and the other gold guys on their closing books. Yesterday, NEM dividend was yielding 5.05%, Christmas in June.
    28 Jun 2013, 06:04 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (3034) | Send Message
     
    How reassuring!
    28 Jun 2013, 06:35 PM Reply Like
  • Zeus2012
    , contributor
    Comments (704) | Send Message
     
    He's probably long trying to play the bounce and praying that it's not going to come back and bite him in the rear end....
    28 Jun 2013, 07:38 PM Reply Like
  • Pentre
    , contributor
    Comments (2) | Send Message
     
    How wise is this man, oh my God! This kind of trading you can only fear and watch! If your sidelines is 200$ range, then you are not in right business!
    29 Jun 2013, 06:01 AM Reply Like
  • movies555
    , contributor
    Comments (822) | Send Message
     
    Good to know from someone who has been wrong about it so many times. Take a look at how Gartman's ETF has done:

     

    link to Yahoo Finance:
    http://yhoo.it/1aWoFel;range=5y;compare=;ind...

     

    He's on CNBC every few minutes and yet no one asks him about why the ETF has done what it's done....
    29 Jun 2013, 06:09 AM Reply Like
  • Alanngks
    , contributor
    Comment (1) | Send Message
     
    It does not augur well for anyone if gold keeps going down.
    29 Jun 2013, 06:16 AM Reply Like
  • User 195396
    , contributor
    Comments (369) | Send Message
     
    Gartman=contrary indicator.
    29 Jun 2013, 10:56 AM Reply Like
  • naples
    , contributor
    Comments (306) | Send Message
     
    Gartman is not good. He thinks the stock mkt bottomed last Monday. LMAO. the correction just started. we know the game. its played out like this the last 4 summer thru fall period.

     

    I went long SLV and GDX yesterday. I am not interested in physical metal unless price patterns deviate from the "paper." to me they r the same. if you own physical gold or silver, you probably need an AR rifle too. I am always surprised when I hear gold bugs yap about how much gold they own. Also, I don't need to get ripped by dealers too getting in and out of the metal.
    29 Jun 2013, 02:45 PM Reply Like
  • Vince Martin
    , contributor
    Comments (619) | Send Message
     
    This is from last year but it shows the perils of commentating a little too much:

     

    http://seekingalpha.co...
    29 Jun 2013, 07:24 PM Reply Like
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