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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'


 


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Mon, 01/13/2014 - 10:48 | Link to Comment Capitalist
Capitalist's picture

It's a play on the gold/oil ratio. Not that bad of a trade if you ask me.

Mon, 01/13/2014 - 11:13 | Link to Comment Pladizow
Pladizow's picture

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

Mon, 01/13/2014 - 11:55 | Link to Comment Manthong
Manthong's picture

I do that a lot in Excel.

Mon, 01/13/2014 - 11:22 | Link to Comment Lost My Shorts
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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 | Link to Comment DaveyJones
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It's popular with the old farts

Mon, 01/13/2014 - 12:06 | Link to Comment Manthong
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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 | Link to Comment Seeking Beta
Seeking Beta's picture

LOL

Mon, 01/13/2014 - 12:35 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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....

WTF???

Mon, 01/13/2014 - 18:04 | Link to Comment beaker
beaker's picture

Even a blind squirrel finds an occasional nut.

Mon, 01/13/2014 - 18:08 | Link to Comment 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 | Link to Comment fx
fx's picture

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

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

and what if they find oil on Mars this year?

Mon, 01/13/2014 - 11:00 | Link to Comment 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 | Link to Comment Frozen IcQb
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Janet 'Jetson" Yellin... to infinity and beyond

Mon, 01/13/2014 - 11:34 | Link to Comment DaveyJones
DaveyJones's picture

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

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

Sudden Debt
Easy: Seize Mars!!!

Tue, 01/14/2014 - 08:29 | Link to Comment 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 | Link to Comment 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 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

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 | Link to Comment NoDebt
NoDebt's picture

... and there goes breakfast.

Mon, 01/13/2014 - 11:46 | Link to Comment gafgroocK
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...as well as Lunch

Mon, 01/13/2014 - 21:37 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

To pictures of Mr. Yellen.

Thought you could keep dinner?
LOL

Mon, 01/13/2014 - 10:54 | Link to Comment The_Peeper
The_Peeper's picture

Long gold in bitcoin terms.

Mon, 01/13/2014 - 10:54 | Link to Comment LawsofPhysics
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Well damn.  Must be a glut of crude or a serious gold slam about to hit the "market".

Mon, 01/13/2014 - 10:54 | Link to Comment 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 | Link to Comment Xibalba
Xibalba's picture

I am long gold in dollar terms

Mon, 01/13/2014 - 11:02 | Link to Comment 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 | Link to Comment Xibalba
Xibalba's picture

that's what I'm talking about

Mon, 01/13/2014 - 10:55 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Temporalist
Temporalist's picture

I didn't see ZH address this:

 

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

http://www.reuters.com/article/2014/01/10/us-iran-russia-oil-idUSBREA090...

 

Sources: Iran and Russia closing in on trade agreement

http://america.aljazeera.com/articles/2014/1/10/sources-iran-andrussiacl...

Mon, 01/13/2014 - 11:04 | Link to Comment Tabarnaque
Tabarnaque's picture

And screw the petrodollars. Way to go!

Mon, 01/13/2014 - 11:11 | Link to Comment 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.

Source

Mon, 01/13/2014 - 11:14 | Link to Comment fijisailor
fijisailor's picture

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

Mon, 01/13/2014 - 11:01 | Link to Comment 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 | Link to Comment LawsofPhysics
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"as energy costs fall." -  right, good luck with that.

Mon, 01/13/2014 - 11:47 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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.

 

http://sufiy.blogspot.co.uk/2014/01/rick-rule-money-are-coming-into-gold...

Mon, 01/13/2014 - 11:11 | Link to Comment 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 | Link to Comment atomp
atomp's picture

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

Mon, 01/13/2014 - 11:11 | Link to Comment 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 | Link to Comment MountainMan
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On that note, put me down long CL at 92.25 Short GC at 1247.00

 

Mon, 01/13/2014 - 11:16 | Link to Comment 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 | Link to Comment Seize Mars
Seize Mars's picture

Confundido
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 | Link to Comment ThisIsBob
ThisIsBob's picture

I'm short of Gartman.

Mon, 01/13/2014 - 11:26 | Link to Comment Temporalist
Temporalist's picture

Long Gartman in Quisling Douche terms.

Mon, 01/13/2014 - 11:30 | Link to Comment GFORCE
GFORCE's picture

Gold will probably test 1000. This is nothing to do with 'slams'. Purely cyclical.

Gartman has just gone long Gold and Short oil. Two separate trades. The 'long in oil terms' is arrogant bullsh*t...

 

Mon, 01/13/2014 - 11:41 | Link to Comment unwashedmass
unwashedmass's picture

 

it would be nice if that happened....gold going to 1K, but most are now in on the game, and the last bash attempt was a fiasco, rebound within two hours. 

now the cartel would just be putting a gun to its head and helping the Chinese pull the trigger. not that i wouldn't enjoy that. 

Mon, 01/13/2014 - 11:40 | Link to Comment unwashedmass
unwashedmass's picture

 

it would be nice if that happened....gold going to 1K, but most are now in on the game, and the last bash attempt was a fiasco, rebound within two hours. 

now the cartel would just be putting a gun to its head and helping the Chinese pull the trigger. not that i wouldn't enjoy that. 

Mon, 01/13/2014 - 11:38 | Link to Comment ebworthen
ebworthen's picture

Gartman is a ninny.

Mon, 01/13/2014 - 11:39 | Link to Comment arnoldsimage
arnoldsimage's picture

got gartman?

Mon, 01/13/2014 - 11:47 | Link to Comment frankTHE COIN
frankTHE COIN's picture

He borrowed/stole that terminology from Mark Fisher.

Mon, 01/13/2014 - 11:48 | Link to Comment gafgroocK
gafgroocK's picture

 

 

 

jeez...I better check what Crammer says...

Mon, 01/13/2014 - 11:58 | Link to Comment jmcadg
jmcadg's picture

BTFD coming

Mon, 01/13/2014 - 12:36 | Link to Comment vegas
vegas's picture

Any chance gold goes down while crude rallies? Nahhhhhhhhhhhhh. How to make a trade doubly worse when you are wrong; buy something in terms of something else that has a very loose correlation. And, how do you put a stop on this clusterfuck?

 

http://vegasxau.blogspot.com

Mon, 01/13/2014 - 12:39 | Link to Comment MFLTucson
MFLTucson's picture

Get fucked Gartman!

Mon, 01/13/2014 - 13:54 | Link to Comment LoneStarHog
LoneStarHog's picture

Dennis FARTman ... both body orifices expel the same damn stinking gas ... FU, Fartman, you damn Whore Street tool

Mon, 01/13/2014 - 15:18 | Link to Comment El Hosel
El Hosel's picture

I shall disregard of his shtick.

Mon, 01/13/2014 - 21:30 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Too bad Gartman's short in terms of dong.
LOL

Mon, 01/27/2014 - 18:03 | Link to Comment Captive_Okie
Captive_Okie's picture

Poor Gartman seems to have lost his way. If he's been betting like he's been preaching he'd be broke by now. Could be he's selling into his BS stories and winning, when we think he's trading like he's talkin'. That's a strategy too

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