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Gartman October 15: "Gold Is Acting Crappy... Looks Weak... Looks Awful"

Tyler Durden's picture




 

The perpetual contrarian indicator, matched only by FX guru Tom Stolper, strikes again:

"Gold is acting crappy. It looks awful on the charts and it's just not doing what it should be doing. Gold looks weak. Thank goodness I have owned it in terms of Yen. It saved me from losing 25% instead of only down about 7%. That's still an eggregious loss. Gold still looks awful. One has to suspect it is probably going to go lower again. I like steel a whole lot more than i like gold."

That was, of course, everyone's cue to buy some $50 lower.

 

Perhaps it is time for Gartman to unwind his "ETF."  Oh wait.

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Thu, 10/17/2013 - 09:00 | 4064552 Yen Cross
Yen Cross's picture

  You're so full of shit Gartman. I've listened to you brag about owning gold vs the euro for months you asshat...

Thu, 10/17/2013 - 09:04 | 4064569 Arius
Arius's picture

shake the tree one last time before yellen comes in ...just whatever muppets are left ...

i have a feeling Goldman lead the pack with its SELL call last week, of course, a week earlier than the other "experts" ... the cheap shills armstrong, gartman etc. are out in force ... of CNBS had the famous article ... FT article is missing to complete the picture (but again i have not followed it might already been out).

Thu, 10/17/2013 - 09:06 | 4064580 GetZeeGold
GetZeeGold's picture

 

 

Gartman makes Cramer look sane.

Thu, 10/17/2013 - 09:09 | 4064592 john39
john39's picture

whores will do what whores will do.

Thu, 10/17/2013 - 09:11 | 4064598 Pladizow
Pladizow's picture

I cant even bother to come up with a clever post.

Thu, 10/17/2013 - 09:25 | 4064635 Manthong
Manthong's picture

“I like steel a whole lot more than i like gold”

Latex is for liking, too.

Thu, 10/17/2013 - 09:29 | 4064642 LedMizer
LedMizer's picture

I like lead better than steel - better penetration and holds it's value.

Thu, 10/17/2013 - 09:41 | 4064698 petolo
petolo's picture

Steal when you need it.

Thu, 10/17/2013 - 09:43 | 4064706 Max Hunter
Max Hunter's picture

Extraordinary insight. Thank you CNBC. You are my rock.

Thu, 10/17/2013 - 09:48 | 4064717 Harlequin001
Harlequin001's picture

Like they say, 'never, ever buy at a bottom...'

Treasuries are looking good yeah... not.

So, next time I want some mindless investment advice I know where to go...

Thu, 10/17/2013 - 09:49 | 4064719 Lets_Eat_Ben
Lets_Eat_Ben's picture

I just got off the phone with Mr. Gartman and he loves to talk with goldbugs". Help old Dennis understand what movees the price of gold; he could use the education 757-238-9346 and he is looking forward to your calls =)

Thu, 10/17/2013 - 09:49 | 4064728 Harlequin001
Harlequin001's picture

waste of money, he's been saying the same thing all the way up from $260...

Thu, 10/17/2013 - 10:12 | 4064784 PP
PP's picture

In China there is a joke:

if you separate Hebei province from china and establish a new country, then world No.1 steel producing country is still China, No.2 steel producing country is Hebei.

Hebei's steel output is bigger than European Union and 1.8 times than USA. It is 164 million ton.

Hebei people thanks Gartman to promote their product.

Thanks Gartman.

Thu, 10/17/2013 - 10:17 | 4064808 fonestar
fonestar's picture

This asshat can try and barter using a few metric tons of steel when his whole paper mache empire comes undone.  Somehow, I don't think he will be taking delivery of that either though.

Thu, 10/17/2013 - 10:28 | 4064858 Herd Redirectio...
Herd Redirection Committee's picture

Yes, when the price of something is unbelievably low, esp. when it shouldn't be, DO NOT buy low.  I repeat, DO NOT buy low.

You want to buy something with good performance in the last 6 months. 

Damn, all that sarcasm takes it out of me.

Thu, 10/17/2013 - 12:02 | 4065246 akak
akak's picture

"Gartman is talking crappy .... looks fat and stupid .... looks awful."

Thu, 10/17/2013 - 11:24 | 4065084 Diogenes
Diogenes's picture

I've heard funnier jokes.

Thu, 10/17/2013 - 10:17 | 4064810 Manthong
Manthong's picture

I did take a few longs on the 11th at about 15:00 EST.

Thu, 10/17/2013 - 10:27 | 4064848 bozzy
bozzy's picture

Max you must be British with that SOH. Anyway you look at it Gartman is a silly fucker - if he owns gold he owns gold. To talk of owning it in terms of yen is simply saying the way he bought resulted in tn FX saver combination which he would like to pretend is now a single bet. Silly cunt.

Thu, 10/17/2013 - 12:12 | 4065287 jmcadg
jmcadg's picture

Gartman talks of owning gold in terms of Yen because he probably holds GLD thinking he owns physical. Twat.

Thu, 10/17/2013 - 09:30 | 4064654 hangemhigh77
hangemhigh77's picture

I think he likes cock the most though.

Thu, 10/17/2013 - 09:37 | 4064677 Cacete de Ouro
Cacete de Ouro's picture

Steel cocks

Thu, 10/17/2013 - 09:41 | 4064700 CHX
CHX's picture

Called steeldo.

Thu, 10/17/2013 - 09:55 | 4064738 Proofreder
Proofreder's picture

Wrong

Steely Dan

http://www.youtube.com/watch?v=tgYuLsudaJQ

Australian slang for a dildo

Thu, 10/17/2013 - 12:37 | 4065401 bread n circuses
bread n circuses's picture

close but no cigar.

 

Fagen and Becker named the band after "Steely Dan III from Yokohama", a strap-on dildo mentioned in the William S. Burroughs novel Naked Lunch.

Thu, 10/17/2013 - 11:01 | 4064987 rosiescenario
rosiescenario's picture

...Blue Steeler....well lubed with AstroGlide........

Thu, 10/17/2013 - 09:57 | 4064743 Nothing but the...
Nothing but the truth.'s picture

Gold's only acting crappy thanks to Fed manipulation you fat fuck.

Thu, 10/17/2013 - 09:16 | 4064609 BoNeSxxx
BoNeSxxx's picture

I have news for the world if anyone cares... US total debt per person +$52,000.  Debt per household +$135,000.

I am in the 8% and I don't have it.  None of my neighbors have it. My parents don't have it. My brothers don't have it.

Print baby print... we are dashing on this check when it comes.

Thu, 10/17/2013 - 09:19 | 4064620 greatbeard
greatbeard's picture

>> I don't have it.  None of my neighbors have it.  My parents don't have it.

Don't hold out on us deserving boomers, check your kids and your grandkids. You have any idea what greens fees are these days?

Thu, 10/17/2013 - 09:23 | 4064629 Stackers
Stackers's picture

Whats up with the fakes "executive office suite" Gartman is sitting in front of ? cant afford a real office ?

Thu, 10/17/2013 - 09:26 | 4064640 DaddyO
DaddyO's picture

These talking heads can say whatever they want, it hasn't changed my direction one iota!

Prep on, Patriots!!

DaddyO

Thu, 10/17/2013 - 10:09 | 4064782 Miffed Microbio...
Miffed Microbiologist's picture

Me too! I'm a proud owner of 2 Maple Leafs as of yesterday and I'm sleeping fine. Just need to hitch up the boat to the truck now... be back soon.

Miffed;-)

Thu, 10/17/2013 - 09:27 | 4064644 bigdumbnugly
bigdumbnugly's picture

and gold says:

"Gartman Is Acting Crappy... Looks Weak... Looks Awful"
Thu, 10/17/2013 - 09:20 | 4064621 Bangin7GramRocks
Bangin7GramRocks's picture

Exactly. It's all funny money so print more. I'd like to lock into a few 2% mortgages before the crash.

Thu, 10/17/2013 - 10:01 | 4064755 The Continental
The Continental's picture

They are coming next for your bank accounts and pension assets, believe it. At this point, I don't even care about the price of silver and gold. I just don't want the bastards to get a penny of my honestly earned money. I'm moving accounts balances in dollars down to the minimum and buying more physical. And belive me, I already have a lot.

Bragging about oning an asset denominated in Yen versus the dollar has to be the most retarded thing somone can say. But when a socalled financail expert says it, you know that Orwellian double-speak and government MOMO is at full tilt. Gartman has zero credibility to the thinking man. And he is a shill and a whore for the Wall Street banks.

Thu, 10/17/2013 - 16:36 | 4066524 StormShadow
StormShadow's picture

Yes, but he knows the Riddle of Steel..lol

Thu, 10/17/2013 - 19:53 | 4067138 MeelionDollerBogus
MeelionDollerBogus's picture

And only pays for gold using the iron price!

Thu, 10/17/2013 - 09:12 | 4064593 Pegasus Muse
Thu, 10/17/2013 - 09:11 | 4064595 Urban Roman
Urban Roman's picture

Is he the one that hates it so much that he gets the urge to sell 2000 tons at 3:00 AM?

Thu, 10/17/2013 - 12:31 | 4065370 Silveramada
Silveramada's picture

lol..not the physical market...

 

http://zysites.com/silververitas/

Thu, 10/17/2013 - 10:10 | 4064785 booboo
booboo's picture

I am with Armstrong on this, gold is in a downward trend but don't let that stand in your way of "loading up the (Tonka) truck". I like gold as much as the rest but I am waiting for it to go lower, if not, oh well, that's on me. Make your case and buy buy buy!

Thu, 10/17/2013 - 11:24 | 4065085 constantine
constantine's picture

There is not a single one of Armstrong's theories that isn't completely full of crap.  Read his letters from prison circa 2010.  He was predicting dollar collapses, and soaring gold, RMB, Rubel just like all of the other liberatarian types.  

His use of chaos theory to back his extremely linear concept of historical phenomenon is not only inconsistent with chaos but completely counter to it.

His understanding of the intelligence sector belongs in science fiction novels, not serious analysis.

Thu, 10/17/2013 - 12:28 | 4065356 rayban
rayban's picture

Spot on. It was out yesterday:http://www.ft.com/intl/commodities-note

Thu, 10/17/2013 - 09:06 | 4064577 Keyser
Keyser's picture

Much like Gartman's public admission on CNBC that he's missed all the market moves of late. Nothing like someone being paid for financial advice admitting they can't find their ass with both hands on international television. 

 

 

Thu, 10/17/2013 - 09:17 | 4064615 Arius
Arius's picture

it is not simply incomptency .. it is intentionally misleading investors ... basically stealing ... once in awhile admit fault, or give a good call, but 99% just take the opposite of his advice, another Stolper...

i suspect GOLDman is somewhere beyond the curtain

Thu, 10/17/2013 - 10:33 | 4064879 Bay of Pigs
Bay of Pigs's picture

Yes, Gartman pretty much bashed gold from 2001 to the present. He only jumped into the sector when gold rose strongly from $800 to $1900 (2008-2011). He missed the entire run from 200 to 1000 (2001-2007).

He is completely full of shit on gold fundmentals and why it is a hedge against endless printing of fiat, QE, ZIRP, inflation, etc...

Thu, 10/17/2013 - 10:39 | 4064910 jcaz
jcaz's picture

Gartman can talk about his "holdings" all day long, but the fact is the majority of his income is derived by these $400 appearances on CNBC,  just like Josh Brown and other clueless twats that have plenty of free time to appear on this network.....

Thu, 10/17/2013 - 12:39 | 4065412 akak
akak's picture

And what is up with his nonsensical doublespeak about "owning gold in yen (or euro, or dollar) terms" anyway?  If that is not pure obfuscational bullshit, I don't know what is.  You either own GOLD, or you own yen (or euros, or dollars) --- you can't, and don't, own both at the same time.

Thu, 10/17/2013 - 09:06 | 4064578 Stoploss
Stoploss's picture

LOL!!!

Thu, 10/17/2013 - 09:07 | 4064585 RSloane
RSloane's picture

You are simply lacking appreciation for what passes for brilliant technical analysis at CNBC these days. Yeah, me too.

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