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Gartman Worried About Gold

|Includes: SPDR Gold Trust ETF (GLD), IEF, SLV, SPY, USO, UUP

We are rather concerned about the crowded nature of the gold market, for everyone, everywhere is long of gold and bearish of the U.S. dollar”

Those were the words of Dennis Gartman today. For those that aren’t familiar with Dennis, he writes the Gartman Letter, probably the most famous newsletter on Wall Street. We also had Jim Rogers say similar things this week.

Seventeen of 23 traders, investors and analysts surveyed by Bloomberg, are bullish on gold as well. Will gold be similar to oil and rise into the stratosphere based on this momentum? Who knows, but we should watch out and be mindful that gold and the dollar could reverse at any time, and bring the market right along with it.