• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Gartman Is Now Long Gold In Crude Oil Terms

Tyler Durden's picture


Just when you thought bizarro world couldn't get any, er, bizarrer, here comes - who else - Dennis Gartman, who is now long gold.... in crude oil terms.

Further, we shall recommend owning gold in terms of crude oil, buying the former and selling the latter in equal dollar sums. Further, to eliminate the impact fo the Brent/WTI spread from this trade, we’ll do half of the oil trade in WTI and half in Brent.

Uhm, #Ref!

The New idea...


as the old faithful has been 'killing it'

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 01/13/2014 - 11:13 | 4327089 Pladizow
Pladizow's picture

This hack is trading the gold price - he owns no gold!

Mon, 01/13/2014 - 11:55 | 4327202 Manthong
Manthong's picture

I do that a lot in Excel.

Mon, 01/13/2014 - 11:22 | 4327107 Lost My Shorts
Lost My Shorts's picture

I am short beans and long cheese.  I call it the burrito trade.  The only thing I don't have is a TV show.

Mon, 01/13/2014 - 11:32 | 4327124 DaveyJones
DaveyJones's picture

It's popular with the old farts

Mon, 01/13/2014 - 12:06 | 4327210 Manthong
Manthong's picture

I am short JB Walker and long Mogan David.

The paper price of MD 20/20 will eventually break loose from the suppression scheme.

Mon, 01/13/2014 - 11:58 | 4327216 Seeking Beta
Seeking Beta's picture


Mon, 01/13/2014 - 12:35 | 4327360 Bangin7GramRocks
Bangin7GramRocks's picture

Gartman's beard is full of dried santorum! The thought that this lump of polluted dna is part of the fabled 1% makes me laugh. What a fucked up world we live in! Does he invent, produce or create? No. He opines........

Mon, 01/13/2014 - 15:34 | 4328020 akak
akak's picture

That fat blathering idiot is just ..... a fat blathering idiot.

I am long Dennis Gartman in Krispy Kreme terms.

Mon, 01/13/2014 - 16:08 | 4328138 Dugald
Dugald's picture

OT just started to open an article about a judge who is not happy with Obama's twisting the constitution and it was taken down....


Mon, 01/13/2014 - 18:04 | 4328534 beaker
beaker's picture

Even a blind squirrel finds an occasional nut.

Mon, 01/13/2014 - 18:08 | 4328549 akak
akak's picture

I bet it's been quite a long time since Gartman has been able to find HIS nuts, though.

Tue, 01/14/2014 - 08:30 | 4330196 fx
fx's picture

yes, indeed. never is a very long time...

Mon, 01/13/2014 - 10:49 | 4327028 Sudden Debt
Sudden Debt's picture

and what if they find oil on Mars this year?

Mon, 01/13/2014 - 11:00 | 4327057 Tabarnaque
Tabarnaque's picture

Then that would save the petrodollars I guess. The rumour goes that they also want US treasuries up there. Yellen just found her exit strategy...

Mon, 01/13/2014 - 11:23 | 4327109 Frozen IcQb
Frozen IcQb's picture

Janet 'Jetson" Yellin... to infinity and beyond

Mon, 01/13/2014 - 11:34 | 4327129 DaveyJones
DaveyJones's picture

I think they've printed just enough dollars for a bridge

Mon, 01/13/2014 - 12:10 | 4327242 Seize Mars
Seize Mars's picture

Sudden Debt
Easy: Seize Mars!!!

Tue, 01/14/2014 - 08:29 | 4330194 fx
fx's picture

Unlikely to happen. The native aliens who lived there in the past have most likely used it all up. But if they find oil nonetheless, it would likely be very bullish for B!tsh!t

Mon, 01/13/2014 - 10:50 | 4327030 unwashedmass
unwashedmass's picture


so are we to take this as goldman/JPM/the Fed plan one last washout in gold to completely destroy our country's future viability? 

Mon, 01/13/2014 - 10:51 | 4327034 AL_SWEARENGEN

Translated: Dennis:  "I love to pour creamy crude oil over my hairy body while naked selling short gld futures while masturbating"

Mon, 01/13/2014 - 11:18 | 4327100 NoDebt
NoDebt's picture

... and there goes breakfast.

Mon, 01/13/2014 - 11:46 | 4327170 Murf_DaSurf
Murf_DaSurf's picture




...as well as Lunch

Mon, 01/13/2014 - 21:37 | 4329192 MeelionDollerBogus
MeelionDollerBogus's picture

To pictures of Mr. Yellen.

Thought you could keep dinner?

Mon, 01/13/2014 - 10:54 | 4327036 The_Peeper
The_Peeper's picture

Long gold in bitcoin terms.

Mon, 01/13/2014 - 10:54 | 4327037 LawsofPhysics
LawsofPhysics's picture

Well damn.  Must be a glut of crude or a serious gold slam about to hit the "market".

Mon, 01/13/2014 - 10:54 | 4327038 fijisailor
fijisailor's picture

Relax.  The idiot is buying paper.  You wouldn't expect him to invest in physical would you?

Mon, 01/13/2014 - 10:55 | 4327040 Xibalba
Xibalba's picture

I am long gold in dollar terms

Mon, 01/13/2014 - 11:02 | 4327066 Tabarnaque
Tabarnaque's picture

What about just simply being long in physical term. Just loaded the truck recently. Thanks for the New Year fire sale!

Mon, 01/13/2014 - 11:27 | 4327117 Xibalba
Xibalba's picture

that's what I'm talking about

Mon, 01/13/2014 - 10:55 | 4327041 asteroids
asteroids's picture

What kind of advice is that. Do you take a barrels of crude to the coin shop and buy an ounce of gold with it? Maybe you take a tanker to China and exchange it for a barge of gold?

Mon, 01/13/2014 - 10:55 | 4327044 jcaz
jcaz's picture

Just Dennis trying to obfuscate his shitty ability to trade..... He'll baffle his CNBC crowd a bit longer, and collect the per-diem check that he's been living on for years now....

Mon, 01/13/2014 - 10:57 | 4327049 philosophers bone
philosophers bone's picture

I get the sense that he doesn't actually manage any funds, but is simply a talking head.

Mon, 01/13/2014 - 10:58 | 4327051 Temporalist
Temporalist's picture

I didn't see ZH address this:


Exclusive: Iran, Russia negotiating big oil-for-goods deal



Sources: Iran and Russia closing in on trade agreement


Mon, 01/13/2014 - 11:04 | 4327069 Tabarnaque
Tabarnaque's picture

And screw the petrodollars. Way to go!

Mon, 01/13/2014 - 11:11 | 4327084 Tyler Durden
Tyler Durden's picture

Head of public relations department of Oil Ministry Akbar Nematollahi made the remarks in reaction to a report released by some foreign media that Iran is to swap oil for goods based on a deal with Russia.

Reuters news agency has claimed that Iran and Russia are holding talks on reaching such an agreement.

Based on the agreement, Reuters has said, Russia would buy Iranian oil in exchange for Russian equipment and goods.

According to the oil-for-goods deal, Moscow would be able to increase its oil imports from Iran despite the West sanctions on Tehran, reported Reuters.


Mon, 01/13/2014 - 11:14 | 4327090 fijisailor
fijisailor's picture

And maybe the Russians are looking for an arbitrage opportunity with that oil also.

Mon, 01/13/2014 - 11:01 | 4327054 russwinter
russwinter's picture

Long gold, short oil is a smart trade best played by investing in extremely undervalued miners whose costs will drop and proft margins will expand as energy costs fall. 

Mon, 01/13/2014 - 11:05 | 4327071 LawsofPhysics
LawsofPhysics's picture

"as energy costs fall." -  right, good luck with that.

Mon, 01/13/2014 - 11:47 | 4327174 russwinter
russwinter's picture

It is already happening, WTI was 100 at year end, now below 92. Gold was 1200 year end, now 1248. Miners are going to surprise this quarter. Energy is a big part of their cost structure. 

Mon, 01/13/2014 - 11:58 | 4327211 LawsofPhysics
LawsofPhysics's picture

Cost in fiat or cost in calories?   Please fiat is irrelevant as they can be "created" of of thin air with the click of a button.

But for the record, I would love to see the miners turn around.  Sounds good to me.

Mon, 01/13/2014 - 11:00 | 4327055 resurger
resurger's picture

How about Quarter Gold/Silver trade?! make that 1/4 each so that your bullshit becomes more interesting.

Mon, 01/13/2014 - 11:07 | 4327076 Sufiy
Sufiy's picture

Rick Rule: Money Are coming Into Gold And Silver Now

Rick Rules discusses the recent bear market in Gold and what is going to happen in the beginning of the new bull phase. Money are coming into the resource sector again. It is the very big money, which are circling this sector now. Who are the investors? You can guess - they are mostly from Asia - China and Korea, new type of long term investors. There are a lot of opportunities in the market now - we have learned from our previous experience and the valuations are very appealing now for the right plays.



Mon, 01/13/2014 - 11:11 | 4327085 fijisailor
fijisailor's picture

Does this mean that big money from Asia will start investing in paper gold?

By the way:  "money is"

Mon, 01/13/2014 - 16:40 | 4328255 atomp
atomp's picture

...or "Monies are", or maybe even "Moneys are"

Mon, 01/13/2014 - 11:11 | 4327083 mayhem_korner
mayhem_korner's picture



Gold as a trade is a fool's errand.  Talk to me about holding gold as a store of value beyond the horizon of the unsustainable CB intervention.

Mon, 01/13/2014 - 11:13 | 4327087 MountainMan
MountainMan's picture

On that note, put me down long CL at 92.25 Short GC at 1247.00


Mon, 01/13/2014 - 11:16 | 4327096 Confundido
Confundido's picture

Well, if you ask me, Mr. Gartman seems to have not learned the associative rule in addition: (A+B) = A + B. If A and B are the expected price differentials in gold and oil respectively (i.e. A = dp Gold/ dt IN US DOLLARS, whereas B = dp Oil / dt IN US DOLLARS), a long gold position and a short oil position should have merit  on its own. THEREFORE, IF HE POSITS THAT HE IS ONLY WILLING TO BE LONG GOLD IN OIL TERMS, IT SHOULD MEAN THAT HE SEES OIL GOING DOWN, RATHER THAN GOLD GO UP. WHICH MEANS THAT ONE IS BETTER OFF ASSUMING ONLY A SHORT OIL POSITION THAN A LONG GOLD/SHORT OIL POSITION (JUST LIKE WITH THE GOLD/YEN TRADE, WHERE ONE WAS BETTER OFF SIMPLY SHORTING THE YEN, THAN BEING LONG GOLD IN YEN TERMS).

If A<0 and B>0, then (A+B) < B

But of course, Mr. Gartman has the difficult task of pleasing customers that are gold bugs and customers that are banks.

Mon, 01/13/2014 - 12:12 | 4327249 Seize Mars
Seize Mars's picture

First of all, the all-caps thing us not endearing. Secondly, try learning about the financial idea of "numeraire."
Not sure what you're on about, but maybe try taking a class or something.

Mon, 01/13/2014 - 11:21 | 4327106 ThisIsBob
ThisIsBob's picture

I'm short of Gartman.

Mon, 01/13/2014 - 11:26 | 4327115 Temporalist
Temporalist's picture

Long Gartman in Quisling Douche terms.

Do NOT follow this link or you will be banned from the site!