Who Made Dennis Gartman "The Commodities King?"

The_Real_Fly's picture

Content originally published at iBankCoin.com

Who's in charge of doling out such titles anyway? Is there a chance, perhaps, someone in the media could title me "The Blogging Emperor" -- enabling me to make wide sweeping proclamations about the future of online media?
The craven vultures from CNBC are out with a fresh story this evening, discussing "The Commodity King's" stance on gold and how it's heading 'demonstrably' higher.

"A year from now, gold will be demonstrably higher than it is right now," The Gartman Letter's founder told "Futures Now" in a recent interview. "I would certainly think we could see $1400 [an ounce] in dollar terms."
"This is a correction but let's understand the last rally that we had took off from $1200 to $1370. The fact that we've fallen back below $1300 I think is relatively inconsequential," he added.
"I am not a gold bug. I don't believe the world is going to come to an end. I don't think you own gold because you think governments are going to be collapsing around the world," he said.
His reason to own gold: Central banks and easy money.
"The monetary authorities are all still remaining expansionary," noted Gartman, given that easy central bank policy tends to undermine major currencies like the dollar and euro. "In that instance, the one currency that will probably do the best of all is gold."
He doesn't believe the Federal Reserve's intention to start reducing its $4.5 trillion balance sheet in October will be a headwind for gold. The unwinding of the Fed's crisis-era policy "is going to take five or six years. This is not something that will occur overnight," he said.

I'm so glad that I sold the last of my gold position on Friday. There isn't any reason to be on the same side of a Dennis Gartman trade, not now, not ever. This whole Commodity King business is awfully tiresome. It reminds me of boiler room tactics, where some brokers would declare themselves to be child prodigies in investing -- born geniuses, sent to a phone bank inside of a third rate firm to save the average investor from the dreadful underperformance of white shoe firms.

Even still, a 7% move from current levels isn't exactly something to beat off to. The idea that gold is set to trade 'demonstrably' higher because the Fed is set to tighten their balance sheet by $4.5 trillion over 5 years is nonsensical, inane, and tragically stupid.

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DEMIZEN's picture

i look at gold bugs as consumers not investors. i see gold price partially tied to purchasing power and disposable retirement income.spot gold = just another bubble. imo copper and aluminum are safer in long term because of realistic industrial demand. substitute polymers are just not mature yet.


ThankUGartman's picture

Thx fly lost 5k on put options in GLD today. Prolly go down next week though.

Mementoil's picture

So the writer of this article sold his gold positions just before a 20$ pop in the price of gold on Monday?
That doesn't indicate very good market timing...


"I'm so glad that I sold the last of my gold position on Friday."

Gartman may be a flip flop & a waste of space BUT the A/ Hole who wrote this dribble 

is a Fucking Idiot who ovbviously knows little about Gold & is just an anti Gold Spruiker.

Boris Badenov's picture

He's an asshole Who pays him?

YourAverageJoe's picture

With all the ETF's and other derivative claims on gold, as I understand it, there are at least 900 claims on the value of an ounce of gold per real physical ounce of gold.

I don't want to be the guy holding the bag when the shit gets real.

Groucho's picture

Stupid article. Gold is a prudent investment these days for a multitude of reasons. What Gartman says or doesn't say is irrelevant.

VangelV's picture

The simple fact is that the US is highly indebted and the Fed is trapped.  That is the reason to own gold, not because Garman is being called the commodity king.  I would think that all gold bears would love the idea of Gartman supporting gold because he is so often wrong.  But they can't be very happy that the bubbles in debt, equities, and real estate seems to be ready to pop.  Guess who benefits if that happens?

Fredo Corleone's picture

"There isn't any reason to be on the same side of a Dennis Gartman trade."

Merchandise this truism on coffee mugs, tee-shirts, mouse pads, keychains, printed toilet paper - one will make far more in residuals than following any advice proffered by the Commodity King.

Fredo Corleone's picture

( Duplicate post deleted. )

silverer's picture

Who Made Dennis Gartman "The Commodities King?"

I'm not sure about that. But Dennis is certainly the financial entertainment king in my book.

LoveTruth's picture

The reason to own precios metals are many. Among them great injustice in the court system. You can be destroyed literary by crooked people and lawyers for nothing. You can be destroyed by twisted in the minds and hearts government officials as well. They will come after everything you own and will take it. However if you own physical cash or PM and hide them outside your home they'll never find them. 

Do not ever, ever trust the US justice system! The US justice system is a hit or miss system, and for you it will most likely be "miss". 

ReturnOfDaMac's picture

Like him or not The_Real_Fly is spot on with this one.  You DO NOT want to be on the same side of any trade as Gartman!!  This confirms it for me, sell rocks, buy stocks.

DEMIZEN's picture

if gold spikes 0.006 on a day like today , gold either means nothing in monetary terms, markets were neutered, or real price can not be discovered.

rex-lacrymarum's picture

It actually means none of those things...

DEMIZEN's picture

looks like my eyes are getting bad. one of my halfbaked phone composed sentences.

NukeChinaNow's picture

I believe THAT was his point.

TeethVillage88s's picture

I shit on your Dennis Gartman and your Ricky Bobby

- Frenchy

. . . _ _ _ . . .'s picture

All is meaningless without a timeframe.

quasi_verbatim's picture

Go see the Scythians at the British Museum and wonder at those guys and their pet rock barbarian relic.

Quinvarius's picture

Well, the COT is starting to bleed off.  50 DMA seems to be supportive.  So the we'll just have to see what it looks like in a week.

SillySalesmanQuestion's picture

HA! This may be the ONLY time, that anyone here at ZH, agrees with Fartman, myself included.

Arnold's picture

When Gartman Sachs speaks......

The_Real_Fly's picture

So Dennis is the Commodities King?

Yellow_Snow's picture

Always take the other side of a Gartman call... that's the only reason he's a featured 'Guest' on Zero Hedge.

BabaLooey's picture

Gartman - by the numbers - over time - his short term positioning

80% wrong - 20% right

That is all.

anarchitect's picture

I think Dennis is a buffoon who is continually being whipsawed in and out of positions.  Maybe he's better when focusing on longer timeframes, but for the past few years his mentality has been approaching that of a day trader.

jaxville's picture

  Dennis is a momentum trader.  He changes his positions more often than I change my socks. He actually does quite well but I don't understand why his positions are so widely noted in some financial media sources. By the time you are reading his of latest position he may have already done a 180. 


Gartman is like Trump, only in trader costume. 

Only, some one is grabbing his pussy and stealing his trader thunder every time you turn around.  

anarchitect's picture

What "gold position" did you have?  If neither physical nor something definitely backed by it, nothing has changed.  If real gold, then did you also cancel all your insurance policies to invest in whatever you think is the bet du jour?

BigJim's picture

What changed? He increased his capital; ie, his purchasing power.

If gold suddenly lurches upwards in dollar terms he'll have missed out on further augmentations of his purchasing power, sure. But how well has "buy and hold" worked for the last 6 years?

Gold bugs resent successful gold traders because the latter are getting richer, in real terms, while goldbugs aren't.

Yeah, yeah, I know that in the long run, the world will end and goldbugs will be kings, KINGS I tellz ya!

But you know what the Establishment's favorite pedophile economist said about the long run...

I own gold, allocated phyzz stored in a vault in Switzerland. But fuck I wish I'd ignored Sprott et al and bought Treasuries instead.

anarchitect's picture

There are very few successful gold "traders".  Most trade futures, which are highly manipulated.

The choice isn't gold OR treasuries.  You can own both as core positions.  No outcome is certain, but looking in the rear-view mirror is.

Buy and hold hasn't worked if you started in 1980 or 2011.  But it has worked if you bought in 1975 or 2000.  Anything can look good or bad if one cherry-picks the timeframe.

christiangustafson's picture

I thought he was the "sausage king of Chicago".

Aussiekiwi's picture

No, that is Harry king I believe, Terry Pratchett, died 120315, he will be missed, I have every book he ever wrote.

Arnold's picture

Perhaps he would be better known if you had let other people buy a few.

NukeChinaNow's picture

THAT is one of THE funniest quips I've ever read...:)


Aussiekiwi's picture

Yes, I walked into that one :)

Arnold's picture

Please take care of your waitress.

Aussiekiwi's picture

'The idea that gold is set to trade 'demonstrably' higher because the Fed is set to tighten their balance sheet by $4.5 trillion over 5 years is nonsensical, inane, and tragically stupid.'

Which is not what he said ...In the authors own highlighted sentence Gartman says he does not see the unwinding as a head wind for Gold not as the reason for Gold trading higher and he actually gives a reason which the idiot high lighted as well, is going to take 5 or 6 years.

Gartman actually gives the reason why he believes Gold will be higher, 'Central banks and easy money', there is more than one Central bank in the world, the author appears to be ignorant of this.

Now I don't think anything of Gartmans predictive powers for Gold or anything, but come on, some of these articles an 8 year old could blow holes in!! Does anybody actually read this crap before posting it?

JeffB's picture

Real flies are certainly attracted to sh!t.

This one appears no to be no different.

BigJim's picture

The Real Fly isn't as smart as he thinks he is.

But that should be no surprise: no one's as smart as the Real Fly thinks he is.


" If the Fly shits, wear it. "

Goldennutz's picture

A Legend in his own mind!

gmrpeabody's picture

This fly talks about beating off.., what does he mean?