Is This Why Copper Is Tanking?

Tyler Durden's picture


From "world renowned" Dennis Gartman's letter to investors (sent overnight):  

"NEW RECOMMENDATION: our interest in copper is piqued and we’ll “punt” copper this morning from the long side, buying May copper at or near to $3.0630/lb. as we can, with stops at this morning’s low of $3.025. We look for copper to make a run to $3.15 or even higher and on a close above $3.07 today… if possible... we’d add a 2nd unit to the trade."

Sure enough, first thing this morning:



The best "fade" $29.99/month can buy...

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Fri, 04/11/2014 - 10:29 | 4647337 Quinvarius
Quinvarius's picture

Gartman thinks he is trading copper.  How quaint.  All he is really doing is putting in a bunch of paper stops to run after buying some paper contracts. 

Fri, 04/11/2014 - 10:33 | 4647360 synergize
synergize's picture

The guy has an excellent beard though - that alone is worth 29.99 / month. 

<Note to self: grow beard, start commodities newsletter, and speak using the royal "We">

Fri, 04/11/2014 - 10:42 | 4647401 Kilgore Trout
Kilgore Trout's picture

The dude turns a phrase like Yoda.

Fri, 04/11/2014 - 11:01 | 4647468 bania
bania's picture

From upper Denis to lower Gartman

Fri, 04/11/2014 - 14:19 | 4648282 zerozulu
zerozulu's picture

Copper is a by-product of GOLD mining, am I right?

Fri, 04/11/2014 - 10:43 | 4647403 Say What Again
Say What Again's picture

In the vernacular of the idiot -- He's LONG OF Bullshit

Sat, 04/12/2014 - 16:40 | 4651858 Thomas
Thomas's picture

Gartman is what is called a market maker in bullshit.

Fri, 04/11/2014 - 10:47 | 4647418 codecode
codecode's picture

People pay for his advice? 29.99 / month * e.g. 1,000 muppets = "not a bad gig". Think I need a newsletter and promote it on TV

Fri, 04/11/2014 - 12:07 | 4647785 Zerozen
Zerozen's picture

We used to have a corporate subscription to his newsletter until a couple of years ago.

The joke was that his view on energy sucked, but we liked him for his view on metals.

Then we found out that metals traders generally thought his metals advice was awful, but his view on grains was interesting to read.

Then we found out from some grains traders that his view on grains was generally regarded as a joke, but they liked reading him for his summaries of the energy markets.

Fri, 04/11/2014 - 10:52 | 4647438 Harbanger
Harbanger's picture

He has a beard because shaving is prohibited under Leviticus 19:27.

Fri, 04/11/2014 - 10:59 | 4647461 BigJim
BigJim's picture

Wasn't one of copper's main drivers the whole Chinese copper rehypothecation scam, as delineated by the scam-miesters themselves, Golem Sacks, here? :

Fri, 04/11/2014 - 11:20 | 4647576 813kml
813kml's picture

Peak Detroit?  Sounds like piping from stripped-out houses has flooded the market.

Fri, 04/11/2014 - 13:51 | 4648165 NOZZLE
NOZZLE's picture

Rusted Galvanized iron prpe, that's all you are going to find if anything in Deathtroite buildings.  the real money is in bricks, 50cent ea.

Fri, 04/11/2014 - 10:30 | 4647338 paddy0761
paddy0761's picture


Fri, 04/11/2014 - 10:42 | 4647395 Stoploss
Stoploss's picture

Just curious. Gartman's office wouldn't be completely padded, would it?

Fri, 04/11/2014 - 10:44 | 4647408 Winston Churchill
Winston Churchill's picture

Thought the wallpaper was a little strange,plus leaving belts,braces and shoelaces outside

was also weird.

Fri, 04/11/2014 - 10:29 | 4647339 paddy0761
paddy0761's picture


Fri, 04/11/2014 - 10:30 | 4647342 dracos_ghost
dracos_ghost's picture

Doesn't Gartman have something like 12 cents AUM. Why does anyone listen to this guy.

Fri, 04/11/2014 - 10:59 | 4647456 MillionDollarBoner_
MillionDollarBoner_'s picture

Yeah...and he started the year with 50 cents ;o)

Fri, 04/11/2014 - 10:31 | 4647347 Rainman
Rainman's picture

Somehow this just feels bad ...  like kicking a puppy.

Fri, 04/11/2014 - 10:33 | 4647361 NoDebt
NoDebt's picture

You'll get past that.

Lace up your steel-toes and have a whack at him.  Trust me, you'll feel better, now that we don't have 'ol Tom Stolper to kick around any more.

Fri, 04/11/2014 - 10:44 | 4647410 Say What Again
Say What Again's picture

How was happy hour last night? 

Fri, 04/11/2014 - 10:31 | 4647350 El Hosel
El Hosel's picture

One shall be Bullish of it no longer, as it is moving from upper left to lower right with authority.

Fri, 04/11/2014 - 10:32 | 4647356 Kaiser Sousa
Kaiser Sousa's picture

i having a ball watching the phony paper prices of Gold and Silver trade perfectly sideways at the 1319.00 and 20.00 level, while the Fraud Markets go up and down from tripple digit losses to double...

how fucking stupid and obvious..

Fri, 04/11/2014 - 10:34 | 4647367 Bill of Rights
Bill of Rights's picture
New Physical Gold Exchange In Singapore

I was tipped of by one my readers on a new gold exchange operating in Singapore; Allocated Bullion Solutions Singapore. After taking a look on their website I asked their public relations desk for the details of their business. Websites can be incomplete and I wanted to be sure on what kind of exchange it was. They kindly responded whereupon a comprehensive Q&A followed.

Fri, 04/11/2014 - 10:38 | 4647380 Mi Naem
Mi Naem's picture

Copper tanks?  That's why the Chinese have been stocking up? 

I don't think they'll be very effective on the battle field.  Or, maybe they're fixin' to sell them to the Japanese or Filipinos.  Copper would also be good camo against gray mountains and green jungles. 

Fri, 04/11/2014 - 10:38 | 4647381 SmilinJoeFizzion
SmilinJoeFizzion's picture

Keep your chins up, Gartman

Fri, 04/11/2014 - 10:38 | 4647382 Dr. Engali
Dr. Engali's picture

What a retard. I do not know how anybody takes him, or Cramer, seriously.

Fri, 04/11/2014 - 12:04 | 4647769 sodbuster
sodbuster's picture

Be great to have them do a show together, wouldn't it- more entertaining than most other crap on the boob tube.

Fri, 04/11/2014 - 10:39 | 4647388 Whoa Dammit
Whoa Dammit's picture

Most plumbing installers are now using PEX water lines, and only the fittings are copper.

Fri, 04/11/2014 - 10:41 | 4647392 Jason T
Jason T's picture

I got that pex better be durable. 

Fri, 04/11/2014 - 10:48 | 4647422 Dr. Engali
Dr. Engali's picture

Nice. Now instead of PVC they are running water hoses through the house. What next? Buckets from the creeks?

Fri, 04/11/2014 - 10:51 | 4647434 jjsilver
jjsilver's picture

And less copper supply means less silver supply

Fri, 04/11/2014 - 11:13 | 4647537 813kml
813kml's picture

Contamination from PCBs should be a boon for the healthcare industry.

Fri, 04/11/2014 - 11:15 | 4647548 Iam_Silverman
Iam_Silverman's picture

"Most plumbing installers are now using PEX water lines"
had one of those PEX lines fail in my RV.  What a pain in the nutt to repair.  The little copper compression rings seem to have a tungsten core or something.  What a bear to remove.  And, you need special (and somewhat expensive) tools to crimp the rings to the fittings.

Fri, 04/11/2014 - 10:44 | 4647406 conork
conork's picture

Dam that shits funny

Fri, 04/11/2014 - 10:46 | 4647409 jjsilver
jjsilver's picture

Is there anyone here that doesn't believe copper is rigged, and that this alleged guru is just another banker shill, like that bloviating Keynesian shill seen in the new york times

Fri, 04/11/2014 - 10:49 | 4647425 firstdivision
firstdivision's picture

What's his recommendation on WTI?  I want to sell the shit out of it above 104, but need a sure sign

Fri, 04/11/2014 - 10:51 | 4647433 Der Wille Zur Macht
Der Wille Zur Macht's picture

Goddamnit Gartman...

Fri, 04/11/2014 - 10:52 | 4647435 Yen Cross
Yen Cross's picture

     I'd pay good money to see a cage match "to the death" between Dennis Gartman and Joe LaVorgna.

Fri, 04/11/2014 - 11:50 | 4647706 mccvilb
mccvilb's picture

Off topic but you may have started something here. How about Al Gore vs. Joe Barton (R, TX), Chairman of the Energy and Commerce Committee, BP apologist and next House Majority leader?

Fri, 04/11/2014 - 12:51 | 4647930 villainvomit
villainvomit's picture

yeah, yeah....always up for a good death match.  Next up we need to get Suze Orman vs Blythe Masters....ok scratch Suze and substitute Hillary "the Killory" Klinton ! ! ! ! ! !

Fri, 04/11/2014 - 12:55 | 4647946 villainvomit
villainvomit's picture

Then maybe Greenspan vs Buffet.....Bernanke vs Barney Frank..........Maxine Waters vs Yellin........options are limitless.

Fri, 04/11/2014 - 15:21 | 4648622 mccvilb
mccvilb's picture

Jaws II Jay Leno vs. Ron Pearlman

This deserves its own thread Tyler. Make it a regular.

Fri, 04/11/2014 - 15:27 | 4648651 mccvilb
mccvilb's picture

Peggy Noonan vs. Gina Carano

Fri, 04/11/2014 - 10:53 | 4647443 OptionsHedge
OptionsHedge's picture

well, gartman is your asswipe and icahn is you hero. but gartmen's been right about him being scared about the markets dive, and carl is a billion $ man so he is you hero. worshipper of the moneyed man.

Fri, 04/11/2014 - 10:58 | 4647455 jjrici
jjrici's picture

Gartman also said to go 'cash' on equities given the volatility, but is this mentioned, no!!!!!

Also look at the stop loss he highlighted, a good stop loss given the circumstances.

Please be balanced, this site has some good articles

Fri, 04/11/2014 - 11:03 | 4647479 slightlyskeptical
slightlyskeptical's picture

Obama is crushing the market bounce. get him off the tube ASAP.

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