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Gartman October 15: "Gold Is Acting Crappy... Looks Weak... Looks Awful"
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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You're so full of shit Gartman. I've listened to you brag about owning gold vs the euro for months you asshat...
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).
Gartman makes Cramer look sane.
whores will do what whores will do.
I cant even bother to come up with a clever post.
“I like steel a whole lot more than i like gold”
Latex is for liking, too.
I like lead better than steel - better penetration and holds it's value.
Steal when you need it.
Extraordinary insight. Thank you CNBC. You are my rock.
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...
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 =)
waste of money, he's been saying the same thing all the way up from $260...
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.
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.
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.
"Gartman is talking crappy .... looks fat and stupid .... looks awful."
I've heard funnier jokes.
I did take a few longs on the 11th at about 15:00 EST.
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.
Gartman talks of owning gold in terms of Yen because he probably holds GLD thinking he owns physical. Twat.
I think he likes cock the most though.
Steel cocks
Called steeldo.
Wrong
Steely Dan
http://www.youtube.com/watch?v=tgYuLsudaJQ
Australian slang for a dildo
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.
...Blue Steeler....well lubed with AstroGlide........
Gold's only acting crappy thanks to Fed manipulation you fat fuck.
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.
>> 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?
Whats up with the fakes "executive office suite" Gartman is sitting in front of ? cant afford a real office ?
These talking heads can say whatever they want, it hasn't changed my direction one iota!
Prep on, Patriots!!
DaddyO
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;-)
and gold says:
"Gartman Is Acting Crappy... Looks Weak... Looks Awful"Exactly. It's all funny money so print more. I'd like to lock into a few 2% mortgages before the crash.
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.
Yes, but he knows the Riddle of Steel..lol
And only pays for gold using the iron price!
Dennis Gartman: The Gold Market's Stolper
http://www.zerohedge.com/news/2013-10-16/stolperd-out-muppets-slayed-usual-latest-goldman-fx-reco
Is he the one that hates it so much that he gets the urge to sell 2000 tons at 3:00 AM?
lol..not the physical market...
http://zysites.com/silververitas/
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!
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.
Spot on. It was out yesterday:http://www.ft.com/intl/commodities-note
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.
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
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...
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.....
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.
LOL!!!
You are simply lacking appreciation for what passes for brilliant technical analysis at CNBC these days. Yeah, me too.
And Yellen will shove a pile of more printed dollars up his fat arse soon.
"gold is acting crappy"
Gold doesn't think...doesn't act...doesn't care.
Gold is a "dumb" metal that just sits there...and preserves purchasing power.
"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."
This is total nonsense. So somehow owning gold hedged a loss in JPY/USD. WTF is he talking about. There is no arbitrage there. The people that listen to him must be total dimwits. I'm going to the coin store and buy some American Eagles with Yen. Apparently they cost 18% less that way. I can't believe how stupid this is. It would be laughable if it weren't so sad.
Looks like gold is going from the lower left to the upper right.
"Fast Money"
Aaaaaaanddd...
It's GONE!
Poor ol' Dennis. Da Boyz often tell him when they are going short, but never when they're covering.
Love it :)
Gartman has pushed the yen angle for a while. I wouldn't doubt he was short gold in US dollars. Have a happy morning, Gart...
Fartman, its the goose that laid the Golden Egg...not steel egg, u fat fuck..
or the PB egg
Or Cadbury creme filled...
Or,
Deep-Fried Deviled ...
being served again at the State Fair this year
He's one of the BEST fades they get on CNBC!
"Steel over Gold"
Classic.
What an asshat. Owns yen gold. Im sure he missed out on paper gold's rally today.
Fact is, gold should be at $2,000 an oz but paper gold's funnier than Gartman.
Gather round my children, in this ZH congregation and hour of need let us join hands in unholy company and recite the following passages from the sacred scripture.
FIRST PRINT(august 15th 1971):
Into thy heavens shalt thou almighty chopper ascend'
'Down from thy skies colourful bills shalt descend'
'Countless and infinite shalt rain upon thee'
'Worthless shalt I become as thy fall unto thee'
'Billions upon billions of collateral thou must pledge'
'Millions and millions of gold bullion thou must hedge'
'As far as thy can see thou nation shalt contine to spend'
'Wretched man for a moment contemplate how thou must end'
'Thousands upon thousands of thou manufacturing jobs shalt continue to disappear'
'Then in an instant,out of the ether thousands of burger flipping jobs shalt appear'
'Once forbidden,forever and ever moar thou wicked man shalt continue to borrow'
'For it is written, thy poor fucker joe sixpack shalt suffer many pains and sorrow'
'Upon thy kingdom wonderous creatures thy vampire squid and whales shalt feed'
'Bless thy wisdom and courage to defend against thou tryanny,slavery and greed'
'Thou HFTs shalt bringeth reign of terror and world domination and plunder thee'
'But oh,EBTs shalt giveth thy strength and honour to captivate thy cannibal within me'
'Thou time shalt come when thy bald king no longer rule thy fiat empire'
'Tiny queen shalt be appointed thy throne and print for eternity into thy fire'
'Endless lies and deciet of thy Keynsian masters to whom I obeyed no longer follow'
'Ruthless and unforgiving thou must become as thy path of truth shalt grow narrow'
'Freedom oh foolish man with thou false wealth you shalt never attain'
'Kingdom upon hungery and homeless men you shalt forever remain'
'Damnation greets thy worshippers of all forms of fiat, cast,creed and colours'
'Salvation awaits thy chosen ones gold and silver the slayers of unhloy US dollars'
'Taketh thou deep breath and spit at thee'
'Maketh thou metals companions be free'
'Cast down into thy abyss shalt you all sink'
'Thou fruits of labor worthless pieces of ink'
'Condemned to death since thy beginning of history'
'Ancient metal of kings stepforth reclaim thy victory'
SCREW YOU GARTMAN.
HOLLER-JEW-YA BITCHEZ!
Asshat
All of my ounces are sleeping soundly in their safe. What the fuck is this douchebag talking about?
Same here.....but apparantly that asshole thinks the safe is worth more....
LOL!
Gold Catalyst: Chinese agency downgrades US credit rating
We have the downgrade of the US rating where it matters most: by the Buyers of US IOUs. S&P or Moody's will not dare to make the move as DOJ was very fast to remind S&P who is in charge, but Fitch this time was more following the real mess coming out of Washington, DC with its Negative Watch for US rating. Now the desire of China to buy all available physical Gold can be put into perspective of long term state-level planning to diversify its currency reserves out of US Dollar based assets. http://sufiy.blogspot.co.uk/2013/10/gold-catalyst-chinese-agency-downgrades.html# Gold Catalyst - John Williams: Very Serious Trouble in this Next Year - Weaker Dollar and Hyperinflation GLD, MUX, TNR.v, GDX
"John Williams is very respected economist who is providing the real economic data, which is not massaged by the government desires and wishful thinking. His view at the crucial juncture for US Economy and Health of US dollar us very important to share now. Gold celebrates today "The Deal" and it looks like that Debt Ceiling Raise Does Mean Increase in the Amount of debt after all."
aannnd....scene!
Does he recommend owning physical steel?
Actually i like that recommendation assuming it is bored blued steel...just sayin.
The way I figure it, will proably lose no matter what I do.
Money Market? Inflation. Check.
Stocks? a correction. Check.
Gold? commissions and manipulation in price. Check
Real Estate? Joblessness and low wages=inability to buy house. Check.
Work harder to make up the difference? Higher marginal tax extraction.
Time to get that little piece of farmland, etc. Nevermind January 15. There is no other option now execpt to continue the current course and brace for impact.
He forcasts from History...if Gold is down for three weeks ..he has sold his....if its up for three weeks..he bought a long time ago...
Translation: TPTB will keep their thumb on it.
...but Gold hasn't acted as it should and it does look crappy on the charts. Personally, I can see it shooting up only when inflation really takes hold and everything else is going up too. At the moment it looks like there are more deflationary pressures coming into play, in the short term.
So add all the media Goldbugs to the list of people to hate too. Too many of them wear their hearts on their sleeves and let emotional responses guide their (publicly quoted) babble.
It will shoot up *just before* the sheeple become aware of inflation. Can't have any escape routes.
History has shown that gold performs best during periods of deflation, not periods of inflation. Gold would benefit from bad debts being written off and from perpetually low real interest rates. Rising inflation implies rising interest rates, which would be expected to keep a lid on gold's performance. Remember, gold is money. One wants to hold money when profits from lending it are low, and when other assets are suffering (deflating). When contemplating whether we will have inflation or deflation, keep in mind that it is possible to have inflation when measuring in fiat while also having deflation while measuring in gold. I hope I've provoked some thought with this comment!
I suspect he may be right for the wrong reasons.
OPEX day in November may find a true bottom for the gold manipulation schemers.
I'm keeping some dry powder just in case.
If the charts look awful it's because they are designed to look awful. In a paper gold market that is completely driven by the large trading houses computer algorhythms... the current charts are only setting up the next trade for the house. Fundamentals no longer matter in the minds of most price chasers.. only the modern day voodoo of technical analysis.
Gold doesn't have a 'chart'. It has a painted chart. (I am reminded of Robin Hood: Prince of Thieves for some reason).
Momo and HFT, thats all that matters these days.
And in spite of his being wrong in an epic fashion on countless occasions he is still one of the most arrogant pompous asses in the industry. Nothing humbles someone who is this clueless and this stupid.
Hey Gartman, go fuck yourself! Better yet, come suck my dick. Maybe that will shut you up.
he been right the last nmonth
"he been right the last nmonth"
So have broken clocks, been right twice a day.
Gartman, take a look at the futures. BTFD.. hurry up!
is it any wonder why the worlds sheeple are being driven to the financial slaughter house with the non stop utter bullshit that people like dennis fartman and his ilk keep spewing on the msm? steel? wtf. there's light at the end of the tunnel fellow ZHer's, hold fast to YOUR gold and silver and buy the fucking dip when possible.
Agreed. Steel and Copper are only smart bets if you expect improvement in the real economy. That's impossible as long as global monetary policy is set by central planners rather than by free markets, due to Ludwig Von Mises' economic calculation problem.
"Gold Is Acting Crappy ..."
"Guns don't kill, people do"
"Gold is not acting crappy, the Bullion Banksters are making it act crappy"
Over time, the quantity of dollars required to buy an ounce of gold is acting crappy.
Over time, the quantity of dollars required to buy a standard house is acting crappy.
Over time, the quantity of dollars required to buy a barrel of oil is acting crappy.
Over time...the common theme sure as hell isn't gold.
it's always the same with these ass clowns. gartman... why didn't you suggest u.s. steel when it was down near sixteen. they always recommend the stock after the move up. like a weatherman telling you it's going to rain after you're soaked from head to toe.
Another American Fraud!! Get this asshole off the news. He is a shill for the bankersters and everyone knows it. Buy dollars Gartman and go fuck yourself! I totally expected something like this today as Gold turns higher. Next out will be the Federal Reserve gansgters to lie to the people.
Yea. Buy some physical steel and store it in your backyard for a rainy (rust prone) day. Better yet, drop it all on your head.
Charts looking back over 20 years tend to be more truthful than ones looking back over the past month or two.
Gold peaked over 2 years ago now and hasn't had a meaningful rally since. Same for Silver. They may well be downlegs in an overall bull market, but 2 plus years is one heck of a downleg. At approximately 30% (Gold) and 55% (Silver) down, and little strength showing, who's to say it can't go further?
Until physical regains the upper hand, paper reigns supreme. Until that happens or inflation visibly ramps up, so that everyone can see it, surely all bets are off?
The one question no-one knows the answer to is 'what will give back the upper hand to physical' ? Draining inventories have had little impact so far, nor has diminishing production for investment purposes or the weakness of the Dollar, 10 year treasuries or the threats of financial chaos and war. So what's going to be the catalyst?
2 years is not a meaningful leg down. Look at the great depression - that's a 20 year leg down!
Silver is unlikely to go much lower because it actually gets consumed when used to manufacture other products, thus must be relaced, yet will not be replaced unless it's priced higher than the marginal producer's cost to dig it out of the ground. Unfortunately, as an industrial metal, it can't go much higher either unless the real economy improves or it becomes more widely used as money.
Gold, measured in paper dollars, can go down further as it is not consumed, and therefore its cost of production is irrelevant because its price is more dependent upon speculators and real interest rates (opportunity costs). However it is not dependent upon the real economy improving for it to gain value. It can go up as debt deflation occurs, so long as real interest rates remain low.
So to me, Gold has better prospects as it can increase significantly in price even if the clowns in charge of our economy dont enact sensible policies that improve the real economy.
Look at the 2006 drop. Then 2008. Then 2011. The period of the drop is doubling but the intensity, log-scale, is on par. Meaning it will be roughly double the time to reach the past high but it will happen & far exceed.
Speaking of crappy "acting"!!
Bernanke to his counterpart central bankers around the world:
WE MUST KEEP GOLD UNDER CONTROL!
If he likes steel so much, guess he's buying GM too.
Gartman is only down 2.6% this year.
He should only be allowed to speak of that which he is an authority on:monetizing newslwters and investing during the Reagan era.
Gold is a "slam dunk sell on a deal in Washington".
Baaaawwwwaaaaaahaaaaaa.......
Fade the mainstream chatter.
Mogambo is right, this investing stuff is easy.
No wait you guys, I think he's on to something. I'm going to buy some bars of steel to keep in my safe at home.
You can't eat steel.
But judging from his girth, I bet Gartman would give it a good try.
I like to steal too, but QE is so much easier.
I like pretty much everything more than I like Gartman, used napkins, shit on my shoe, you name it.
Holy crap. Is Gartman the worst investor in history?
Look at his ETF. He lost 20% from March 2009 until he shut down in March 2012.
Chart
How the fuck do you lose 20% when every asset class in the world is skyrocketing? What a moron!
If Gartman is a moron, I'm a hyper-moro, my investments are down more than 20%, but I'm not selling one fucking PM stock even if they go to 0.
GDX was up 30% over that period -- it has collapsed after Gartman shut down. So he doesn't even have that excuse.
I'm with you on the miners, but I prefer physical. Bought a buffalo last week.
/ignore
Good advice on steel - this is what I come to zero hedge for
Will be buying some on first trade
Didn't you hear? The shutdown is over, please go back to your cubicle
That broad needs some steel_____. Otherwise it's all just noise from her mouth. Thanks for the laugh tho, made my day watching those three(one overweight needing a shave) musketeers parroting what they were told before they went live.
i thought you said cartman...
gee, gold is gorgeous around my neck & wrists; i am totally transformed from an ugly old lady to a real beauty when i put on gold jewelry. i now know what the people in India know. gold makes me look & feel like a million bucks, it's a feeling, people, it's a feeling..... HOOKED ON A FEELING ! & I LIKE IT.
You have a good heart and a strong spirit - you can't be ugly.
p.s. i'll gladly take more of that "crappy" gold.
hey banzai, can you do gartman in a clown suit ?
Same sex marriage is legal now Dennis and I hear Jon Nadler is available.
The gov wants to condition the publick from looking at silver and gold as a store of value.
There is no way that is happening in Asia; the befuddled Indian PM notwithstanding.
But here in the U.S. people have no clue and off their gold goes to China, India, USSR. Gov has indeed made serious inroads here in the U.S.
Next they are going to try to do away with paper.
They want it all trackable, all stop-and-goable at the flip of a switch.
Watch and see.
To paraphrase Wm. Burroughs, Control begets more Control.
"Next they are going to try to do away with paper. They want it all trackable, all stop-and-goable at the flip of a switch."
I unfortunately share your view and believe releasing the new series c notes is the interim step in this process. Most of the old series is 'stranded' offshore; will be very difficult if not impossible for holders to exchange in a forced redemption. Xerox upgrade in place; ready to issue/handle a lot more EBT cards?
What is the rationale of saying that the loss was much smaller as gold is owned in terms of JPY? Yes, the loss in JPY is smaller but then the JPY is losing a further 13% YTD vs the USD so the overall loss in USD is the same! I never understood what the idea here is... Like saying: yeah I am doing great as I own gold in Argentina's Pesos or Zimbabwe's Dollars. So what? The end result in your base currency is the same after the fx conversion!
You just don't get it...he doesn't buy $US with his Yen - he is using his Yen to purchase a 50 Tatami water-front home overlooking the delightful Fukushima bay....they say the sunsets there are to die for...........
Gartman is long TEPCO - says it's a screaming buy at these levels.
One of the best buy signals I've seen in a year.
This guy sounds like he might be a little slow. "golds not dun doin what its sposed to be doin so i dont want to own things that are not doin things i like them to do , steel price go up so i buy steel , steel good gold bad"
Gartman has a long history as shameless anti-gold fiat pimp.
Cram another doughnut in your piehole, fat man, and shut the fuck up about that which you don't know shit.
Look at the issue from another perspective:
Do you believe that the system is going to crash tomorrow and there won't be another series of attacks on gold, to be accompanied by margin hikes?
I don't. The end of the system is soon, but not that soon.
So my advice would be to keep stacking and don't accelerate purchases beyond the emotional or financial limts that you can withstand if they choose to push it lower, because they can and will continue to step in and push it lower as long as the system survives.
LOL...what a moron. I mean, the guy HAD to know that gold would stop acting "crappy" the second Congress did what anyone with 1/64th of a brain knew they were going to do, guaranteed: PRINT MOAR. Too funny...
45:1 paper gold looks pretty crappy. When the shtf, real gold is gonna be looking pretty fucking golden. It's like musical chairs. Long as the music is playing the people keep dancing, and then when it stops a lot of people wind up with fake chairs. Revolution of the free shit army
Gartman / bullshit =1, watch the DX weekly and the AU futures monthly.
USD index aka DX or DXY has no bearing on inflation, gold price, bond yields, etc., it is a useless arithmetic artifact.
As for AU futures, in what currency & relative to what real prices of food, land or wages - where?
That's what matters. Real purchasing power of real things. Goods, services, time, energy, raw materials.
Gartman is a funny fucking joke. Gold isn't in terms of yen, dollars, euros, it's gold. PAPER is in terms of yen, euros, etc., which means Gartman never had any gold & never plans to.