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Is This Why Gold Is Up?
Gold prices are up around 1.5% from last night's close.
Market participants have various reasons for the jump from Obama's unilateral airstrikes on Syria-bases ISIS (and blowback concerns) to Europe's dismal data (more QE?) but we suspect what really drove the move was what one world-renowned newsletter writer orated last night.
Practically bottom-ticking the recent swing in precious metals, none other than Dennis Gartman told CNBC viewers, "There's no reason to own gold in U.S. dollar terms," adding that, "owning gold has been just a treacherous, boring, nasty trade that just keeps losing money for anybody who buys it."
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$29.95 well spent...
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Why won't Gartman die already ???
Oh leave him be. Gartman is good for comedic relief.
I saw this piece on Fast Money yesterday and got a good chuckle... Gartman just doesn't know when to shut up...
...just like James Turk.
"There's no reason to own gold in U.S. dollar terms," adding that, "owning gold has been just a treacherous, boring, nasty trade that just keeps losing money for anybody who buys it."
The key word there is "trade". Yes, Gorty... people who buy PMs to trade in this rigged market are definitely dupes and the anxiety produced will surely kill them. Gold & silver are proven stores of wealth you fool. (I know you know that - I just like calling you a fool.)
Gartman argument's hole is the following: Gold as a STORAGE of wealth and NOT a way to make money.
Once you have a good investment prospect that is low risk, then you can change your store of wealth, whatever it is, it could be even water in CA. And make it make money in the investment, and then may be, only may be, increase your wealth, if you were lucky enough that the debasement of the money you made was not larger than what you made.
What he is saying is that HE has very good business prospects that will make him more wealth and that he doesn't need to store that wealth. That is all.
And we are probably the business prospects, pay CNBC for their air time and convince us to not buy gold. And then make money that increases his wealth by betting on futures in the direction he pushes.
The real question is why they are trotting out these "analysts" and their prostitute "jounalists" to jump on the smackdown.
Nothing is done for no reason.
No need to pull your punches, we all know that CNBC is inhabited by whores for wall street and TPTB...
Gartman/180 is a very good indicator.
"Is This Why Gold Is Up?"
'Screaming Buy' in Gartman-speak
Gartman like every other talking head says what he says only to make money as a paid speaker and nothing else. That is the business, prop a stock or drop a stock, prop a metal or drop a metal. Who cares about the truth or what you truly think.You don't get paid for that, you only get paid for saying what they want you to say.
Naty job? Yes, but better than being a bankster IMHO
Trader Dan Norcini is worse then Gartman. He's been bashing gold all week. Must be a bottom here some place
cpnscarlet: ...just like Jon Nadler
fify
You haven't learned much in the 3 years + you have been here, have you?
If a rally begins, swivel head Gartman will be all over it
P.S. The Monkeys have got their little hammers out
This picture of Gartman epitomizes the phrase "Asleep at the switch."
Tyler,
You and Gartman need to get those celebrity deathmatch guys to do an episode on the two of you. I would pay good money to see that claymation.
Fed hoes are already taking gold down, making it look like USDJPY is causing it.
Gonna change my name from Goldstein to Dollarstein.
Paper gold or physical gold, big difference and an ounce is an ounce is an ounce, fuck paper. Physical is not a "trade" asshat, it's insurance in case governments and useless paper-pushers do something stupid.
Quote LawsofPhysics:
"Physical is not a "trade" asshat, it's insurance in case governments and useless paper-pushers do something stupid. "
One question comes to mind:
What are the odds, that governments and useless paper-pushers will do something stupid?
If you want a reason to own Gold, all you need to do is ask yourself this question.
Yes, I am a cynical bastard asking a rhetorical question... ...duh.
Still waiting for just one of Tim Geithner's "arsonists" to go bankrupt or to prison.
Oh, man, I was just quoting you, and asking the question...I already know how you think, as evidenced by your well-reasoned posts.
It's the "Gold is done" crowd that makes me wonder.
Croesus,
It's the "Gold is done" crowd that makes me wonder.
Wonder no more. This crowd is being fed their talking points. It certainly seems to me that the trajectory of gold manipulation has changed significantly. This portends some significant action in the near future. I expect price discovery will begin to actually happen when the BRICs have decided that their vaults are full enough. Many argue that gold will soon be at $800.00. This is possible, but I feel certain that it will not stay there for long.
One thing we can all bank on. A hundred years ago an ounce of gold would buy you a fine suit. Today an ounce of gold will buy you a fine suit. And, for the foreseeable future, an ounce of gold will still buy you a fine suit.
"IN CASE"???????? Do you mean by that that the last 4 months of gov policies have been smart????
They are already doing nothing but "stupid". Too bad the populace is so stupid, it appears normal.
Just read a Yahoo article saying the same thing.
I'm lovin iit.
http://www.marketwatch.com/story/gold-crashes-and-is-now-tarnished-for-g...
Posted on yahoo of course
As much as I hate to say it, he's right. Facts are facts. Until some power stands up to the squid(s) they are in control and will stay there and control the price of everything from Apples to Zinc.
I disagree, the velocity of the dollar says otherwise. That and all the panic of "deflation"... ...LMFAO!!!
Of course Gartman is right. Just ask the people of Fukushima who have lost everything and whose land is useless. Ask the people of Iraq, Libya, Syria, Gaza etc who also lose everything from one moment to the next. Ask the people of Argentina and Hungary who have their foreign currency holdings taken by the government. Ask the people of Cyprus who woke up to the rudest and crudest haircut of their life.
Should I go on?
Yes, please. Could you also make it 5 pages long, double-spaced, so I can copy/paste it into my report that's due to my Econ professor this afternoon?
ZHers are down-voting jokes now?
........grumpy bears........
No problems just increase the font size.
Yeth thir
Their control is a mirage. Smoke and mirrors. Reality has a history of throwing hammers and strong winds.
And asteroids and shit.
Mass Fraud should be a crime against humanity.
Please support this petition at whitehouse.gov.
https://petitions.whitehouse.gov/petition/mass-financial-fraud-should-be-crime-against-humanity-punishable-death/sggR5HqK
The petition needs 150 signatures to go "live" to the public.
Yeah! Sure! Petition the District of Criminals requesting that they charge and prosecute themselves.
Good gawd, crawl back into the Unicorns ass and enjoy the rainbows and Skittles.
Is there a good reason why your link goes to facebook?
Statue of limitations, has run out. Eric (dick) Holder is busy, looking forward to retirement and a speaking tour of pure bullshit.
Amerika does it all greater, one way is making public service pay well.
Yeah, sign the petition.... sounds like a FEMA camp waiting list to me. Early signers get the upper bunks and first shift showers for hot water.
Sign right up. Uh-huh.
Perfect change to short gold. With no one having money who's going to buy it?
People who can print, simple.
Gartman is a total loser. He doesnt actually trade folks. He sells a newsletter and all these "trades"are on paper only. Together with that old cunt Art Cashin, he has to be the biggest waste of ink on the Internet. why do we bother with them?
Circumcised and uncircumcised old geezers. They're news worthy....
Mass Fraud should be a crime against humanity.
Please support this petition at whitehouse.gov.
https://petitions.whitehouse.gov/petition/mass-financial-fraud-should-be...
The petition needs 150 signatures to go "live" to the public.
Pass it on.
I'll just repeat my comment. Can't say it too often:
Yeah, sign the petition.... sounds like a FEMA camp waiting list to me. Early signers get the upper bunks and first shift showers for hot water.
Sign right up. Uh-huh.
Yeah, sign the petition.... sounds like a FEMA camp waiting list to me.
I never sign petitions. Ever.
Its up because I sold a bunch yesterday to pay some bills....I can pick the bottom...If it wasnt for bad luck Id have no luck at all....
Picking your bottom is very unhygenic youngman. Try printing a contrarian newsletter. I'd send you money. You have an honest face (though strangely, not so young)
Anything is better than that lying cunt Gartman. Ahem...
So if he is so right why doesn't the FED and the government of the USA come right out and tell everyone that they have either sold all the gold or are going to sell all the gold because they think it's useless?
indeed, why not..... all these secret trade deals and the national security secret about how much gold they still have or don't. How many secrets must there be to hide the fact that their engaged in 'The fuckining'
What if they are shorting gold paper and buying the physical at a ratio of say 3:2 or 4:3(or some other magical numbers they have dreamed up-like 2% inflation)?
Then they could be pushing the prices down, removing the physical, and doing what they desire, which is to make it seem that Gold no longer has any real purpose.
They have unlimited dollars to do this. They have to account to no one.
And the most important of reasons:
If they were NOT doing this, Gold would be much higher, and we would all be talking about the devaluation of the dollar relative to Gold.
Keynesian economics would be seen as the fraud it is.
They have the motivation, and the resources to do this.
They would even be able to consider their lost dollars on their trades as sort of Quantitative Easing G(old) because those that sold now have dollars to go out and spend.
Is it beyond the possibility?
"What if they are shorting gold paper and buying the physical" -- this is exactly what they are doing and have been doing since 2009, so have many of us, I suspect. Always do what they do, not what they say... ...Kyle Bass and other certainly made this clear a long time ago. So long as no one is demanding delivery or actually demanding to see physical this can continue.
He's not wrong about gold being boring. It's like the quote about flying: Long stretches of boredom punctuated by moments of sheer terror. adding: Wop Wop Wah
Jeezus, Tyler, yet another Gartman diss. How hard can it be? Why don't you pick on someone your own size?
Oh hang on....the Comex must be open. Back down it goes.
If you wanna knock Gold.....why don't you short it then? IDIOT!!
Fitschen arrested for fraud:
http://www.businessweek.com/news/2014-09-23/deutsche-bank-s-fitschen-cha...
I just hope it does not intefere with my lawsuit for gold manipulation against him. Progress updates here: www.kingoftherepublic.com
Here's a direct link to the 'Gartman' cnbc-cut:
http://video.cnbc.com/gallery/?video=3000312617&play=1
Absolutely makes sense for me.....bought gold 1st time beginning of '80 thru Credit Suissé, local Cairo office. Definitely makes sense.
Here's a direct link to the 'Gartman' cnbc-cut:
http://video.cnbc.com/gallery/?video=3000312617&play=1
Absolutely makes sense for me.....bought gold 1st time beginning of '80 thru Credit Suissé, local Cairo office. Definitely makes sense.
Gold is the only thing that you can still buy under the radar, and quietly hide. Everything that is visible to the government will be expropriated to pay for their spending and borrowing. Forget about price and act accordingly.
Fucking "A" right if they took it all it still wont be enough for those cunts .Buy Gold and Hide Gold .
Except history tells us FDR seized everyone's gold. What has happened, can by definition, happen again. Obama has put FDR's policies back in with the same results so...
Expect the government to sieze your gold because at some point they will need some hard assets once people figure out the fiat money scam. Maybe that is why Gold has performed so poorly, people are worried the government will simply steal it, like they did before. The only ones who don't have to worry are Central Banks...
Did you by chance get your history lessons at Los Angeles Unified School District?
Read some where only 1 percent Americans hold gold. What concern is it for this knot Head?
America, americans, and the policies of the west are becoming more irrelevant every day, much like the NYSE.
They just gotta keep the "word" goin around that gold is bad. Ya know keep people "scared of it" cuz its a "bad investment"..
Werent a lot of people sayin that kinda stuff before it shot to 1900?
Although he is right in facts, PM are certainly the only bastion where there is value. Is G. recommending buying the overvalued market at its top? Plain stupid.
Wonder how the opening of the Gold Shangai Market affects global trades. Less prone for rigging?? Time will tell. If one is still alive to watch by then
This guy (next to Cramer of course) epitomizes all that is wrong with the media and the talking heads they have on CNBC. How do you make wrong call after wrong call, have no good reason why you make the wrong call or explain it and they ask you back?
Um...because it's CNBC.
In fairness, Gartman is an idiot, or a shill, but I don't think an overnight rise of 1.5% in a manner that is contrary to his advice is worth getting riled up over anyway.
If it goes up >20% overnight, give me a shout.
Gartman is so consistent in making bad calls he threatens to make all other tipsters redundant.
stacked hard this week.....BTW Gold was completely bought out. Not even 1/10ths remained.
Hilsenrath and Gartman. What a combo for the algos to trade on.
Bottom must be in. Buy hard and often.
americans should then immediatelly return german gold
"There's no reason to own gold in U.S. dollar terms," adding that, "owning gold has been just a treacherous, boring, nasty trade that just keeps losing money for anybody who buys it."
hold up on that headline, the markets in North America is about to open.
"It's China (and the East,) stupid."
Price drops. Wait...wait...wait...ok, price level holding...buy in 3, 2, 1.
Thank you, Mr. Silly Sellers. We always love buying shiny metal things at a discount.
Signed, Last Laugh
Huh? own gold in dollar terms? If you own gold, you own gold.
They are speaking Paperese.....
Quote from above " gold has been just a treacherous, boring, nasty trade that just keeps losing money " Why then rig the market ?
Gartman: the FRN is safe as a Bangkok whore.
"Is this why gold is up"? Then Gartman's face shows up. LOL! I couldn't help myself laughing off. Thank you Tylers, for brightening up my morning.
gold lasts forever...
Bye Bye gold price signed the manipulators.
Didn't the quarter end yesterday? If so, bank bonuses are set and they'll take the manipulation down a notch for a while now.
Thanks for the sale you cunts, see you back here in 3 months.
I measure my wealth in ounces...not in dollars
Still some downside to go in gold...
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-july-2014/
Some might be interested...
http://www.globaldeflationnews.com/never-before-offer-from-elliott-wave-...
fighting back a little here, looks as though there may be a real buyer today?
Dear Client: As the firm of Gartman & Stolper wrote you last week with exciting news of our "Capital Gain Losses Program", we are happy to announce that today we have sold the bottom for tremendous losses that you can take advantage. With our new automatic "EASY deposit form" we can now take that margin call right out of your checking account with no hassle or fuss. As always, our motto is, "Building Losses One Trade At a Time For Tax Asvantage" and hope the rest of the year is as disastrous as the first 9 months. Sincerely, Dennis & Tommy [WTF]
www.traderzoo.mobi
signing online petitions not a good thing to do.
Where are all the BitCoin followers in this discusion?
They love to hate Gold
Will someone please make some stupid comment damning gold while floating on a BitCoin magic carpet... I need a laugh today.
BitCoin makes me feel like I am maiking love to a unicorn while gold makes feel like I am with a troll. The Unicorn is hung like a horse but the troll has a long history and doesn't require electricity. You know if the sun sends out an EMP -electro magnetic pulse- the Unicorn will burn up but the troll will still be there. Unicorns are cool but trolls are forever.
Did that do it for you Lawn.Dart?
Currency is only good as what back its. Currency can be created by banks against one (M0, FRNs today or Gold coins in the past)
Promises of future cash flows (Debt and Equities) are at atrociously high levels compared to GDP.
That means that Debt in the US is crap.
Since credit assets are what backs the dollar.
The dollar is therefore crap.
Call me when total debt to GDP is at 125% and market cap to GDP at 50-60%..
In the meantime, I go to sleep on my Gold bars....
"Store of wealth?" Maybe if you buy when it gets to $800.00.