This page has been archived and commenting is disabled.
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.
»
- 24559 reads
- Printer-friendly version
- Send to friend
- advertisements -
Come on you pump monkeys, let's hear it for the Gipper: BUY THE F*CKING DIP! (Mama needs a new pair o' shoes)
I'm not sure who the bigger, more worthless piece of shit is between Dennis Gartman, Dick Bove, and Eric Holder.
"And all of it feeds back to the recent revelation that at least 10% of people in the financial services industry are by strict definition psychopathic liars."
And that's the part the lucky "home gamers" don't get.
I'm no fan of Gartman, but Central Bank selling will make any prognosticator look ridiculous. It's to his discredit that he won't admit this. What's interesting to me is that I've heard it it said Gartman is usually tipped off prior to a big paper sell-off, and it looks like this time he wasn't. Wonder why. In the meantime, Jon Nadler is creaming his jeans, running around screaming "technical damage! technical damage!" All noise. All the time.
It is quiet tragic that Gartman thinks he can still move markets with his drivel.... He has not grasped that when Jamie Dimon shits ,his turds look like the whole Gartman family. Gartman's days of being of interest are long past.
Mellissa needs to suck on my gold bar dong. It’s the difference between trading ETF [worthless paper] vs. Physical holdings you brainless CNBC Muppet cunt rags. Fees or no fees?
That people are possibly confused by the fed's messages is scary. Does anyone relaly think the fed will admit there is inflation? Will they ever really endorse the economic recovery know what that would do to interest rates?
Is it not possible that they are (quite successfully on the outside anyway) holding this big bag of shit together with lies, propoganda and misdirection? Maybe they hold on for a while longer...but it's going to be spectacularly awful when the bag breaks
OI for Gold fell today while OI rose for Silver. Read the writing on the wall bitchez.
Something tells me Rogers, Faber and Schiff did not flip flop today.
haha that butnut is giving advice on buying copper??? What an idiot. We are a c-hair away from a major liquidation trade. That and the bellwether AUD trade is being decimated. So...commodities (industrial) will be sent down hard. But...gold could bounce after Spain rips a hole into the ECB and the whole of Europe.
Then the insane -n-the-membrane Bernanke revs up the printing presses, so you ride it out with gold on war (oil/Iran/Israel) and chaos.
HFTs will break all the equity supports. So the Dow to 20000. You are f*cking dreaming.
Luxury Chinese Boat Launches, Sinks Immediately
http://www.zerohedge.com/news/luxury-chinese-boat-launches-sinks-immediately
Another scheduled maiden voyage? Someone needs to prop up the Baltic Exchange.. lol
lol
Naw, when all the currencies puke, the Dow WILL hit 20,000- for about 12 mins.......
Go long of pre-1983 pennies in Sacagawea dollar terms.
Investment of the decade. A penny will be worth .20 by 2020.
The current melt value of a pre 83 penny is 0.025. If, as you say, it will be at 0.2 by 2020, copper will have to go from $3.80 to $30.40 ... It aint going to happen. If it does, you can make real money by buying HG at $3.78 and selling it for $30.40
hard to believe you're the same moronic troll who a few weeks ago, after 2.5 years here, was pretending he didn't have the slightest idea how to buy gold and silver...
remember how i tried to kick your fuking face in that night?
in terms of *this* fiat era, yes it is going to happen. It's inflationary money trends from all the central bankers. It's purchasing power. Get Canadian pennies. I'm keeping all mine. They're due to end circulation, then let the legal melting begin.
Gartman is the dumbest Talking Head, and that's saying a lot...
I miss Joe Battipaglia. He called BS on lot of CNBC crap like Gartman.
R.I.P. Joe.
Joe was the only bright spot on Kudlow's show. Now all he has is a bunch of Yes-Men. Don Luskin makes me wanna puke.
BTW - BTFD is you dare.
The Bernank is pissed and he's gonna fuck up anyone who gets in his way....
The sleeping giant called the banksters is cashed up and ready to party on your fucking physical.
You see they can last a hellofa long time driving it down.
Can you hold?
stop scaring people mogul. he is a bald headed putz. What if gold gets kmocked down to 1200 and your dealer still wants 1600. What if the dealer is buying back at 1550 at the same time? If he rains to hard maybe he seperates paper from phyz and kicks his own ass.
The dealers I watch are pretty consistently following GC
pffft
load up 10 oz gold at a time if you can afford it & GLD straddles to match.
something big is coming & it will be big enough that straddle/strangle ( > 90 days) will catch it. Physical is the end-game. It's incredibly bad to avoid it if you have a choice.
There are a few "personalities" I hate being on the same side of, and Long of Gartman is one of them.
The National Debt Clock shows that we have now passed $50,000 of debt per citizen.
http://investmentwatchblog.com/the-national-debt-clock-shows-that-we-hav...
from Harvey Organ......
In a sign of the diminishing returns of paper market manipulation, on the heels of today's Fed minutes disappointment, beginning at 2pm EST, over 127,000 contracts, or 637.535 MILLION OUNCES OF PAPER SILVER were dumped on the market in only 1 hour, resulting in a massive silver decline of.... $0.65.
You read that correctly.
Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!
from harvey organ...
In a sign of the diminishing returns of paper market manipulation, on the heels of today's Fed minutes disappointment, beginning at 2pm EST, over 127,000 contracts, or 637.535 MILLION OUNCES OF PAPER SILVER were dumped on the market in only 1 hour, resulting in a massive silver decline of.... $0.65.
You read that correctly.
Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!
SLV doesn't compare to world mining supply... sadly. Paper ain't metal. Maybe the sentence should have been: Enough paper was dumped on the market to wipe your ass for the next two millenia...
And maybe you need to read GLOBEX. That may be paper contracts but it's not likely SLV shares. Enough contracts were dumped that the real ounces that aren't really there to back it... fuck. If you're not literate I'm not explaining it to you. This is ZH not kindergarten.
Or is that Kindergartman?
That is the best headline I have seen in awhile.
Come on up to new Hampshire. No sales tax and you can buy cash with no banking trail.
It has come to pass that we hath found the Gartman Letter too indubitably preposterous to read with nary a smirk upon our faces and be that is it may that thou ist a trading god, we must go forthright to office and refrain from the oddly worded pages of the gartman prophecies.
HOW THE FUCK DO PEOPLE READ THAT LETTER? The way the word it is so over the top stupid I wanna punch someone!
oops... video is gone.. looks like cnbc is having technical difficulties.. please stand by for your next schedulded programing bachelor clipperton island edition!!
I'm all in on gold, but like Gartman, in terms of Vietnamese Dong.
ya, long dong, long silver
Not as bad as Dick Bove (the bank expert on CNBC).
He has never in the last decade made any recommendation except: BUY, BUY, BUY!
(I think he is a Jim "Huckster" Cramer wannabe.)
It's on TV. It's entertainment. It's not really news.
I think there was a misprint.
Dont do the opposite of Goldman; Do the opposite of Gartman
Why don't these "experts" tell us what their return on investment is over, say, a decade or so? -50 percent?
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.
That folks - is essentially 'FREE MARKET CAPITALISM'
All these Economists with their 'subjective value' have created a world where it doesn't matter what you know, who you know, or why you know, all that matters is can you convince some other mug that they need it.
I know some people on this site find this hard to accept - but this has been the case for as long as you have been alive. All this talk of 'entrepenuerial spirit' - as if it's some sort of 'morally good deed' is utter rubbish - and infact contradicts the entire essence of Capitalism - the profit motive.
The fact that 'Economic subjective value' has now crept into the rest of our lives is going to cause as much chaos within - has it has done within Capitalism itself (i.e. bubbles)
Dennis Gartman appears to be evidence of a 'Media bubble of investment experts' - a value which is clearly now 'crashing' - if this realisation on ZH is felt in the wider arena.
The problem with a 'credibility bubble' is that the loss of trust in your fellow man is worse than the loss of trust in your fellow business man.
I find it amusing that this is only just being discovered - it's been evident for some time that valuing anything subjectively is a bad thing to do - never mind coerscion and force - simply deception is an adequate tool for damage.
Just explain to any kid that Ronald Mcdonald isn't in every restaurant handing out joy - the main reason for kids dragging their parent in, in the first place.
"and infact contradicts the entire essence of Capitalism - the profit motive."
That is NOT the essence of capitalism.
Profit is merely an attempt in physical reality to fight entropy.
Profit in a FIAT currency environment is opposition to inflation.
The purpose of capitalism is CONSENTING TRADE of goods, services, debt between people. No consent = no capitalism. All fraud = no consent. No one can consent to a situation they don't even understand which is the essence of fraud.
Today we have a fraud-conomy not a capitalist economy. Capitalism isn't even really being used. It's being attempted but the good stuff was shut down quite some time ago. This is rats leaving a sinking ship using the last of what they've learned of the mechanics of what gets reward instead of death.
Then when it's over there's running, swimming and dying.
That's the real deal.
"The purpose of capitalism is CONSENTING TRADE of goods, services, debt between people. No consent = no capitalism."
Barter was CONSENTING TRADE - but it's not capitalism.
"All fraud = no consent. No one can consent to a situation they don't even understand which is the essence of fraud."
..and therein lies the problem - what is 'FRAUD'? - is it criminality (defined by law) - or basic manipulation of consumers imperfect knowledge (advertising and marketing)
This is why capitalism fails - because you have thrown in an absolute definitive element ' FRAUD' - but there is no strict and applicable definition of it - it's subjective - even to the point the laws (which I presume you rely on for definition) are designed by a small number of individuals - and from their perspective (see congress and their insider trading 'law')
"Today we have a fraud-conomy not a capitalist economy. Capitalism isn't even really being used. It's being attempted but the good stuff was shut down quite some time ago. This is rats leaving a sinking ship using the last of what they've learned of the mechanics of what gets reward instead of death."
All this reads ot me is "the Fraud which I could accept (and wasn't affecting me too much) - is now affecting ME and it must be stopped"
Self interest is too subjective - were you making such a fuss when people in trailers were sold mortgages and your interest rates were nice and low? When you were creaming off profits from effort - did you complain about the fraud then?
You faith in 'capitalism' is mis-placed - it has been dying since the day it began - when Adam Smith noted "the invisible hand" and the first demands for protection for the consumer were (rightly) demanded and market interference began.
You try to cling onto a system which is no more - and not recoverable - rather than looking forward, accepting the loss and starting to devise a new way of Economic managment.
Forget swimming, running and dying - DOING is the only thing that matters in Economics. Labour is the source of wealth and Capitalism merely exploits that source until it is totally exhausted.
" what is 'FRAUD'? - is it criminality (defined by law) - or basic manipulation of consumers imperfect knowledge (advertising and marketing)"
Fraud is INTENT. Any deception that's intended is fraud. any misinformation that's natural (no intent) is merely a measurement error. Capitalism seeks in a roundabout way to deal with the natural errors. Law, violence & refusal to trade is how we deal with intentional misinformation.
Fraud is not in any way subjective. PROVING fraud can be challenging but INTENT is not subjective at all. Without question a person either DEFINITELY INTENDS to defraud another or DEFINITELY intends NOT to. There's no grey-zone.
"All this reads ot me is "the Fraud which I could accept (and wasn't affecting me too much) - is now affecting ME and it must be stopped" "
Then you're illiterate. The various skills of reading nothing, reading in error or imagining you read something are all far from impressive to me. I've see it all.
I never accepted any part of fraud, nor did commit any. I have done a very good job of detecting fraud & generally tolerating nothing until it's proven to be secure, intentional, honest.
so Paulson & Gartman are both in public record as "long" on "gold" ?
OK, how about Cramer & Nadler?
We ought to build some kind of contrarian index thing out of those jokers.
We already know the Bernana King is getting freaked the fuck out by gold, he's going on anti-gold speaking-tours now.
Gartman? With hour after hour of Cramer and Kudlow each week, who even notices Gartman?
For gold to continue to climb, the USD would likely need to fall and fall hard.
The USD fall doesn't seem to be happening.
If buying an asset at $1600 and holding it until it's worth $1000 or less, then fine.
There are safer investments like 3 and 6 month T-Bills. We are in the age of wealth preservation, not the double digit return nonsense of the past.
Markets appear to have made their long term top - 3 year bull run as government debt balloons, unemployment goes up and countries start to default - some bull market.
Have a look for yourself: http://www.bullandbearmash.com/latest/sp-500/weekly/
Gartman is a right-wing racist pig who believes in only two things:
- there is no global warming
- the opinions on Fox News are actually facts
PIG!