Dennis Gartman Now Long Of Flip Flopping In Laughing Stock Terms
That the market can be stupid long enough to make anyone seem like a fool is well-known and appreciated by all (even if the final fate of centrally planned markets is even better known by all). What apparently is not known by those who are self-professed trading experts, is that flipflopping like a windsock in a hurricane, with the comic regularity of a Goldman FX advisor who shall remain nameless hell bent on skewering what little clients one has left, only makes one look like a complete and utter buffoon. And yet this is precisely what "one of the best gold traders" CNBC knows does over and over and over, to the point where not only does nobody give any credibility to the utterances from said expert's mouth, but it makes the entire venue into sheer unadulterated, laugh out loud stand up comedy (even more so than normal). And while we do not grasp how CNBC's producers consistently invite said individual to dig ever deeper holes for himself, the other perspective is quite clear: after all each contributor makes $200 per CNBC appearance. In the case of the abovementioned gold expert, we can see how this is a make or break cash infusion.
From Friday, March 30, aka Last Friday.
Considering the treacherous environment, for insights we turned to one of the best gold traders we know, esteemed commodities trader Dennis Gartman.
And he tells us he was dismayed by the sell-off earlier in the week, “it was wrong and ill-advised,” he says.
Gartman also tells us he thinks the weakness may be related to end of quarter maneuvering.
“I think some of the sell-off may have been due to liquidation by investors who own gold in terms of yen; the yen got stronger into the end of the quarter.”
But when the new quarter begins Gartman thinks long-term dynamics will come back into play for gold. “The major trend remains in gold’s favor,” he says. And that trend remains from the lower left to the upper right.
In fact, Gartman adds, "I'm very impressed by the manner in which gold has responded (Friday). Gold has begun to quietly work its way higher. That's impressive. (Long-term) I like gold,” he says. “The sell-off has run its course."
Apparently if you repeat a lie often enough ("best gold trader", "esteemed", "world-renowned", etc), it becomes the truth. Just speak loudly, touch the tips of your fingers, and exude faux confidence.
So what happened 3 business days later? Some of the absolutely hilarious soundbites:
- "The highs in gold were made almost 18 months ago" - so... uh... September 2010? Gotcha world-renowned gold trading expert.
- "If gold goes to 1640-1660 you have to go to the sidelines. You don't have much choice" - But, but... “The sell-off has run its course."
- "Obviously I am not going to add to my position in gold" - But, but... "I like gold"
- "I am probably going to cut back on my gold position."... "The first rule of good trading is do more of the things that are working" - Actually no, the only rule of good trading is to do the opposite of what Goldman (recall our warning from last March 28 when Goldman went double down bullish: "We may have some bad news again, as the 'bullish' sentiment this time comes from none other than the muppet master, after Goldman released a note overnight saying that "gold is set to glimmer as growth tarnishes."), and of course gold expert Dennis Gartman are doing. Thank you for the all clear signal.
At least Gartman is not short of gold in Vietnamese Dong.
If one is not convulsing at this absolutely incomprehensible humor, one is likely long of lobotomies in idiot terms. But even a lobotomized idiot will understand that the trend on the chart below remains from the upper left to the lower right.
After all, only world renowned, expert gold traders can make millions.... when starting with billions.