Former Raging Gold Bull Dennis Gartman Now Calls Gold "Hyper-Bought"

[MNeagle]

Former Raging Gold Bull Dennis Gartman Now Calls Gold "Hyper-Bought"


Not long ago, Dennis Gartman was a raging gold bull (he was particularly fond of the long gold/short euro trade, which worked fabulously for awhile, and though we don't know whether he reversed course on that one, he has said the euro rally has taken him by surprise).

Anyway, he's now turning cautious on gold.

From The Big Picture (via PragCap)

“. . .we shall urge the greatest of caution upon everyone, everywhere regarding gold. It is not just over-extended to the upside; it is hyper-extended. It is not just overbought; it is hyper-overbought. We cannot strongly enough urge everyone to avoid buying gold here and we shall go so far as to suggest that those who are long begin the process of quietly heading for the exits and to reduce their positions to the most minimal ‘insurance’ positions possible. Everyone should have perhaps 5% of their liquid assets in gold, but at this point anything beyond that level is excessive.”

http://static.businessinsider.com/image/4adc61260000000000c6263b-260-195/dennisgartmancnbcpng.png


http://www.businessinsider.com/former-raging-gold-bull-dennis-gartman-now-calls-gold-hyper-bought-2010-10#ixzz11GFIIQrx

[Ponce]

No matter how low gold goes the dollar will go lower which will make gold higher and more valuable...gold will always be "The Golden Line" by which all currencies are to be judged.

[Buster]

Raging Gold Bullsh*tter Dennis Gartman Now Calls Gold "Hyper-Bought"


Not long ago, Dennis Gartman was a raging gold bull (he was particularly fond of the long gold/short euro trade, which worked fabulously for awhile, and though we don't know whether he reversed course on that one, he has said the euro rally has taken him by surprise).

Anyway, he's now turning cautious on gold.

From The Big Picture (via PragCap)

“. . .we shall urge the greatest of caution upon everyone, everywhere regarding gold. It is not just over-extended to the upside; it is hyper-extended. It is not just overbought; it is hyper-overbought. We cannot strongly enough urge everyone to avoid buying gold here and we shall go so far as to suggest that those who are long begin the process of quietly heading for the exits and to reduce their positions to the most minimal ‘insurance’ positions possible. Everyone should have perhaps 5% of their liquid assets in gold, but at this point anything beyond that level is excessive.”

http://static.businessinsider.com/image/4adc61260000000000c6263b-260-195/dennisgartmancnbcpng.png


http://www.businessinsider.com/former-raging-gold-bull-dennis-gartman-now-calls-gold-hyper-bought-2010-10#ixzz11GFIIQrx


I fixed it for you. Gartman's opinion is hyper-overbought.

[kregener]

The guy makes a living TRADING....or recommending "trades'. He is just another gatekeeper.

Gold and silver are NOT merely commodities to be traded at the whim of the..."market".

They are REAL WEALTH. Inflation-proof wealth. Wealth insurance against the total shit storm that is approaching.

[Filthy Keynes]

Sooo..... if you exit gold, what asset to you ENTER. That is the 40 trillion dollar question that NOBODY (not even Zero Hedge) wants to touch with a 40 trillion foot pole.




EVERYTHING’S DOWN. GOLD DOWN. DOW DOWN. S&P DOWN. DOLLAR DOWN.



CONTROLLED DEMOLITION OF WORLD FIINANCIAL MARKETS
http://www.youtube.com/watch?v=-9Y4yDKfkXw



And another one:



Sell Signals Increase
http://www.youtube.com/watch?v=AjdkPEJrFIQ

[Filthy Keynes]

Like I said in an earlier post. PAPER gold may very well go to zero. But SO WHAT?! REAL GOLD AND SILVER is the only thing that is not traded on ANY exchange! (only paper representations of it are, at grossly distorted prices).

Buy food.

[Horn]

Like I said in an earlier post. PAPER gold may very well go to zero. But SO WHAT?! REAL GOLD AND SILVER is the only thing that is not traded on ANY exchange! (only paper representations of it are, at grossly distorted prices).

Buy food.


Or the farm, with your coins.

[Glass]

Horn and FK have it. Buy something that produces something people need.

[Ponce]

I know Glass, and that's why I bought myself a new engine lathe.........never can tell when I will run out of cash or pm and might have to once again work for a living hahahahahahahaha.

[uranian]

gold is not at record highs in most other currencies, which argues against the "hyper-over-bought" line too:

http://goldprice.org/charts/history/gold_1_year_o_gbp.png

even looks like a pretty good buy in euros, if one sticks a trend line on this one:

http://goldprice.org/charts/history/gold_1_year_o_eur.png

[Silver Shield]

Gartman is a tool who is know for being a "gold bull" but the only time I see him is when he is selling gold. Arrogant a hole too.

[EE_]

I remember a couple years ago or so, when Dennis Fartbreath was vehemently against gold and it's uselessness. He only jumped on the bandwagon to look like he was on top of the next great trade. Now his Jewish masters command him to help spread doubt knowing they will make another attempt (in November) to slow demand.
Dennis has nothing but shit between his ears!

[Gknowmx]

I will gladly take the otherside of the trade from fools that listen to this guy. This is just the rhetoric I am looking for to shake lose the weak hands.

[uranian]

be an interesting excercise to put people like gartman and soros various buy or sell calls for gold on a price chart.

[cedarchopper]

By all indications, there is an aggressive effort to devalue the Dollar against the Yuan, which in my estimation, is not a whole lot unlike the devaluation of the Dollar against gold in 1933. The Dollar is backed to a large degree by the fixed exchange with the Yuan, which is backed by the massive low wage labor and production of China.

Long term, the Dollar is weak and getting weaker, but in a currency war, all kinds of surprises are possible. Gold could get pounded hard, again. I wouldn't be surprised to see a repeat of the crash we experienced a couple of years ago. Also, I wouldn't be surprised to see more strength in gold and silver.

Might be a good idea to place some Puts if you are long physical and will need the capital in the short term.

[Neuro]

I hyperbought 35 grams of gold this Friday. It gave me a warm and fuzzy feeling inside...

[Neuro]

Gartman is a tool who is know for being a "gold bull" but the only time I see him is when he is selling gold. Arrogant a hole too.
I have never heard of him before, but I wouldn't be surprised if he was a fake gold bull either!

[gunDriller]

if it was hyper-bought ... why aren't there more physical shortages ?

[YukonCornelius]

He's absolutely correct.

Paper gold is "hyper-bought".

Not a problem if you're holding physical. Probably a good thing long-term.

All I know is besides my brother, I don't personally know a single person holding physical metals...let alone someone who knows anything about them.

[Ponce]

I know Yukon and that's why when the general John Doe wake up to what is going on there will be an stampee to PM and THA'S when the same will hit the roof..........be in place now so that later you can rake the rewards.

[Neuro]

He's absolutely correct.

Paper gold is "hyper-bought".

Not a problem if you're holding physical. Probably a good thing long-term.

All I know is besides my brother, I don't personally know a single person holding physical metals...let alone someone who knows anything about them.
Yes meanwhile papergold clocks in at record prices. APMEX have less and less in their inventory. See here:
http://gold-silver.us/forum/gold-silver-precious-metals/apmex-precious-metals-retail-supply-index/40/?topicseen

A significant correction, and they would not have any = higher premiums.

[Horn]

Gartman is a tool who is know for being a "gold bull" but the only time I see him is when he is selling gold. Arrogant a hole too.
I have never heard of him before, but I wouldn't be surprised if he was a fake gold bull either!


I think there's a tendency for older goldbug bulls to become bears. (selfish, miserly)

He just wants it all to himself.

Currently, I'm struggling to overcome these dark forces myself. ;D

[1970 silver art]

He's absolutely correct.

Paper gold is "hyper-bought".

Not a problem if you're holding physical. Probably a good thing long-term.

All I know is besides my brother, I don't personally know a single person holding physical metals...let alone someone who knows anything about them.


I also do not know of anyone locally who is buying physical gold or silver either. The general sheeple populaton still does not know much (if anything) about physical metals despite gold being in the news recently. There is plenty of gold and silver to be had locally despite paper gold being "hyper-bought". One of my local dealers had so many 1/10 oz GAEs in hs shop that he sold them at melt to get rid of them. There is no "panic buying" here on physical metals at the local level here despite paper gold being supposidly "hyper-bought".

[Neuro]

Gartman is a tool who is know for being a "gold bull" but the only time I see him is when he is selling gold. Arrogant a hole too.
I have never heard of him before, but I wouldn't be surprised if he was a fake gold bull either!


I think there's a tendency for older goldbug bulls to become bears. (selfish, miserly)

He just wants it all to himself.

Currently, I'm struggling to overcome these dark forces myself. ;D
Why? You can get a job with JP Morgan! ;D

[Horn]

Gartman is a tool who is know for being a "gold bull" but the only time I see him is when he is selling gold. Arrogant a hole too.
I have never heard of him before, but I wouldn't be surprised if he was a fake gold bull either!


I think there's a tendency for older goldbug bulls to become bears. (selfish, miserly)

He just wants it all to himself.

Currently, I'm struggling to overcome these dark forces myself. ;D
Why? You can get a job with JP Morgan! ;D


Send me the application, I've decided to go under cover and getter done.