In an interview posted on Kitco, Dennis Gartman said gold prices are moving higher, but he is not willing to give an exact price forecast. He then explained his reasons why:
"If I put a price number on it, and I miss it by $5, I’ll look like an idiot and the guys at Zero Hedge, they’re always out to get me," he told Kitco News on the sidelines of the New Orleans Investment Conference.
"The best that one can get in the business of trading, is to get the direction right." The publisher of the Gartman Letter said he is also bullish on the U.S. dollar, and therefore remains more optimistic for gold in euro or yen terms.
"Why would I want to buy something using a strong currency when I can buy something using a weak currency?"
Perhaps because weak currencies sometime get strong again? In any case, we wish Dennis Gartman the best of luck with his directional gold trade, and sincerely hope that he is right this time.
Fast forward to 4:50 in the interview.