Dennis Gartman Dumps Gold

Gold bugs like to point to my friend Dennis Gartman as a contrarian indicator — so they rejoiced when Dennis made headlines to say he had gotten out of gold.

I decided to get to the bottom of the story. I rung Dennis up for an interview…and discovered the truth behind the hype.

Dear Fellow Investor,

The Twitter-verse was abuzz the other day with news that Dennis Gartman had moved out of gold, according to an interview he did on the Fox Business Channel.

Hordes of gold bugs on Twitter joined to excoriate Dennis and exalt in his decision to sell gold, pointing to him as a reliable contrarian indicator. Dennis is an old friend of mine, and as far as I could see I was one of only two people who rose in his defense (Grant Williams being the other).

I tweeted “I'm actually a fan of Dennis'. The guy came out with a position on every market, every morning, which is more than his critics did. He was bound to be both right and wrong, and often. In fairness, he admitted when he was wrong & changed his views to fit new developments.”

But that opinion isn’t widely shared by the critics on Twitter, and the snarkiness rose to a crescendo once ZeroHedge picked up on the story.

I knew I had to get to the bottom of this, so I fired off an email to Dennis and he graciously agreed to come onto our podcast the very next day.

I won’t steal the thunder from this episode, but I will say that it was great to catch up with Dennis, who’s been retired from his daily letter since the end of last year. His move out of gold, as dramatic as it was presented, wasn’t really surprising to me, as someone who’s very familiar with his trading habits and views.

In fact, Dennis made some excellent points, and it would be wise for those of us heavily on the long side of this gold market to hear him out.

I countered Dennis with some other very valid views, including how someone trading the gold ETFs is drastically different from those of us involved in the junior mining sector.

It’s very easy for a trader to get in and out of the gold market through those ETFs. But those of us in the juniors find that trading volumes don’t always allow for major, wholesale moves.

Plus, once you get out of a mining story, it’s often very difficult — practically and psychologically — to get back in to the same extent.

Save

Not A Subscriber Yet?
Get Golden Opportunities For Free

Subscribe to our Golden Opportunities e-letter to receive timely market
updates from the Gold Newsletter research team, plus video
presentations by expert speakers from the New Orleans Conference
— and the Investor’s Guide to Gold and Silver — all at no cost!

CLICK HERE to start your subscription.

Not The Time To Trade Out

Now, there’s nothing wrong with taking big profits when you have them.

In fact, after so many of our recommendations in recent weeks have doubled and tripled in value…some soaring as much as six times over…I’ve been advising my Gold Newsletter readers to take some profits off the table.

Yes, gold and silver are cooling off right now after the torrid run of the past few weeks. But with this bull market likely to last for years, this is no time to abandon the sector.

In fact, if you aren’t already in this red-hot junior mining market, I urge you to get in asap.

Here’s the best way: Subscribe to Gold Newsletter right now and you’ll get two special reports: Money Multipliers: Resource Stocks Poised To TRIPLE and The Investor’s Guide To Gold And Silver.

It’s that kind of a market.

And get this: Our Investor’s Guide report explains every way to invest in metals and mining stocks…and tells you the best newsletters and conferences to use to learn about the sector. (Yes, even my competitors!)

Armed with these two reports and your Gold Newsletter subscription, you’ll have easy access to the most exciting bull market I’ve seen in decades.

Just CLICK HERE to get it all.

All the best,

Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference

CLICK HERE
To Subscribe To Gold Newsletter
And Get Your Two FREE Reports