In a CNBC interview, “The Commodity King”, Dennis Gartman, said he “wishes he was short gold” and expects more downside in the short term. He called gold “the greatest bubble of our time” and suggested silver, “the poor mans gold” could drop to $30 short term.
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“For the first time in a very, very long while, we are a good deal more nervous than we have been about the trend,” Gartman said in his Suffolk, Virginia-based Gartman Letter. “We fear that yesterday’s sharp break that took gold down to $1,520 in the veritable twinkling of an eye was the harbinger of even more severe weakness that might soon develop.”
Gold may fall “swiftly” to about $1,480 an ounce as early as the next few days, he wrote.
6/3/11, Dennis Gartman.
So he dumped in June, missed a $500 run, and now he wishes he was short. Get long and stay long Dennis. QE3 just around the bend.
Gartman, Fartman. I like Howard’s version better.
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Everyone is going to have wrong hypothesizes, I look at numerous charts at night a number of times will try to anticipate the reaction of say a small cap oil company to a surge of crude.
Gartman’s letters are a pleasure to read to bring a lot of advice on currency interactions, demand, exports and other factors in determining the value of all commodities.
Hey at least he wasn’t screaming buy gold at 1900 like Cramer did with Silver at $48.