"That old windbag" (not my words... they are the words of a wise Wall Street veteran I deeply respect) Dennis Gartman had a cliched moment when his cabbie told him he had sold all his stocks and was buying gold. A classic, yes I know.
I would not have thought Dennis owned gold to begin with. His bearish and/or cautious views have been cited to me over months and years by people who want gold to go down. Well Dennis, we've all had our cabbie moments, but I think you have been gnawing at the bit to play gold contrarian for some years now.
I guess what I am saying is that I don't think this is an interview with a gold bull or even a neutral party. As I have noted repeatedly, I would love to live in a world where gold is going down too, because that would mean the system is not dysfunctional. But we do not live in that world, eh Dennis? And it appears Gartman is another of those obsessing on the USD. That in my opinion is as bad as the commodity bulls set on a robotic loop of "buy resources... protect yourself!!"
All this said, gold probably should correct... shouldn't it?
Dennis Gartman Reveals Why He Just Sold Gold
"A cab driver told me he had sold all of his stocks and he was buying gold. I thought, 'My God,' it reminded me of when Joseph Kennedy said he got out of the stock market in 1929, when his boot black began touting stocks to him," Gartman said Monday morning.
The cabbie was another sign that the general public had jumped on the gold bandwagon, and it was time for him to jump off.
"What motivated me to do it? Oh, a number of things, not the least of which was the number of commercials on television extolling the virtues of buying gold. When there are TV commercials touting metal detectors as a means to find gold, I thought that was hysterical," Gartman said.
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I would not have thought Dennis owned gold to begin with. His bearish and/or cautious views have been cited to me over months and years by people who want gold to go down. Well Dennis, we've all had our cabbie moments, but I think you have been gnawing at the bit to play gold contrarian for some years now.
I guess what I am saying is that I don't think this is an interview with a gold bull or even a neutral party. As I have noted repeatedly, I would love to live in a world where gold is going down too, because that would mean the system is not dysfunctional. But we do not live in that world, eh Dennis? And it appears Gartman is another of those obsessing on the USD. That in my opinion is as bad as the commodity bulls set on a robotic loop of "buy resources... protect yourself!!"
All this said, gold probably should correct... shouldn't it?
Dennis Gartman Reveals Why He Just Sold Gold
"A cab driver told me he had sold all of his stocks and he was buying gold. I thought, 'My God,' it reminded me of when Joseph Kennedy said he got out of the stock market in 1929, when his boot black began touting stocks to him," Gartman said Monday morning.
The cabbie was another sign that the general public had jumped on the gold bandwagon, and it was time for him to jump off.
"What motivated me to do it? Oh, a number of things, not the least of which was the number of commercials on television extolling the virtues of buying gold. When there are TV commercials touting metal detectors as a means to find gold, I thought that was hysterical," Gartman said.
http://www.biiwii.blogspot.com
http://www.biiwii.com
Follow @BiiwiiNFTRH
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