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Gartman Flip Flops Again, Now Sees Bull Market For Gold: Time To Sell Everything?
Confirming once again that anyone who subscribes to newsletters looking for guidance on market inflection points, trend, and momentum deserves to lose every last penny, is the just released mea culpa from "world renowned economist" and lately even more renowned flip-flopper Dennis Gartman who has just admitted that his call from December 13, which stated that "gold is in the "beginnings of a real bear market" and conveniently mocked right here, may have been, well, wrong. Financial Post, which apparently is one of the subscribers to said newsletter, reports that "In his daily investment letter Thursday, Mr. Gartman officially reversed his outlook for gold, saying he now views the precious metal as being in a bull market. The new position follows a month where Mr. Gartman was the subject of some high-profile name calling from fellow investment letter writer, Peter Grandich. Mr. Grandich called Mr. Gartman “one of the Three Stooges” of gold forecasting after the latter declared that gold was officially in a bear market (if you’re wondering, the other two accused of being in that trio are Jeff Christian of CPM Group and Jon Nadler of Kitco)." Frankly there is no point to devolve to name calling - those who are not familiar with Gartman need but take one look at the performance of his ETF since inception - suffice it to say that with Gartman now flip flopping to the long side, it is likely time to get the hell out of dodge.
More:
Mr. Gartman’s reversal comes as he has failed to buy back gold below the price he sold it at a few weeks ago. He said that now that gold priced in euros has taken out its previous interim high, he sees the metal returning to a bull market.
“The bear run that began in August has now officially ended, for the string of lower lows and lower highs is over,” he said in his Gartman Letter. “This does not help us in hoping for/expecting/indeed demanding some weakness into which to buy, but it does give us “permission” to become officially bullish once again.”
...
For what it’s worth, Mr. Gartman admitted his call on gold was a bad one.
“We sold gold rather properly several weeks ago; we failed miserably, however, to buy it back for although our intent was clear late last week as we said it was our intention soon to re-buy that which we had sold, we’ve failed to do so,” he said.
There is only one sure thing that will come out of this laughable incident: absolutely nothing, and likely as soon as tomorrow we will see Gartman back on CNBC giving people advice about what to do with their money.
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sell it all! except phys
Its appropriate that his etf ticker on the TO is HAG. (Down about 13% since inception)
Gartman the Gold HAG - has a certain ring to it!
Part Of The GOLDMANIP Gang ...
Just Noise, Just Stay true to Physical.
Listen to him back-peddle: http://www.youtube.com/watch?v=xlFIMSSJh48&context=C3004cc9ADOEgsToPDskLz3R46bJEjrcm8qwZI6GKA
I Keep saying, IMO GOLD's "True" Value is somewhere north of $20000.
You can print All The Fucking PAPER FIATS Currencies your local Politico Stoogie wants, Butt you Cannot Print Real GOLD.
Even GoldMan knows that.
Makes you wonder who in their right mind would subscribe to this joker's mailing list.
i thank god every day i am not as smart as these guys on tv.....
But he still ain't Jon Nadler. That dickweed is worse.
Lets make a short exercise.
Lets look at a time lapse of the apmex page.
Feb 1st 2011: http://web.archive.org/web/20110202002711/http://www.apmex.com/ - Gold 1331$
May 14th 2008: http://web.archive.org/web/20080514155801/http://www.apmex.com/ - Gold 865$
Oct 21st 2006: http://web.archive.org/web/20061021064406/http://www.apmex.com/ - Gold 570$
Now lets look at a time lapse of the FED
Today: http://www.federalreserve.gov/
July 2006 - http://web.archive.org/web/20110721184243/http://federalreserve.gov/
Aug 2006 - http://web.archive.org/web/20060801170243/http://www.federalreserve.gov/
Aug 2004 - http://web.archive.org/web/20040813050103/http://federalreserve.gov/
The links were taken at random and speak for them selfs.
Gold and the Euro are seriously parting paths. Soon the dollar starts slipping to gold as well.
A nice little Congressional chat about debt ceilings might provide the cold water in the face of the perception of US Treasuries as a safe haven instead of used toilet paper.
At that point, to quote seminal 70s supergroup Boney M, golds on a Nightflight to Venus and all the rah rah of Rasputin Bernanke wont keep it down
I completely agree with this number. as it reflects a resonable wage for the time and effort it takes me to get a gram of gold when I go panning. $214 a gram or about $35 an hour. PERFECT! As it stands now i make about $2/hr.
HAG from the Gas Bag - I didn't even know the average schmuck could invest with Denny.
From Gartman's Rules of Trading: #17: "All rules are meant to be broken..."
DENNIS GARTMAN THE CLOWN OF CNBC AND THE PAPER BULLION BANKS
After a while all you can do is sit back and laugh at the INSANITY of it all. The same insanity that allowed Santorum to go from the low teens or single digits to tie first place in the Iowa Caucus is another example.
A person has to be really DENSE not to see the writing on the wall. Gold and Silver should be trading several times above their current price. Technical Analysis today just measures the amount of Paper Manipulation and Psychology in the market as it pertains to gold and silver. As the psychology changes away from 40 years of Fiat Amnesia and into Real Money, Technical Analysis will show this in the charts.
My newest article titled: First Time Ever: Silver Sales Surpass Domestic Production shows just how much silver is going into official govt coin investment demand compared to domestic silver productiion. You can find the article HERE: http://www.financialsense.com/contributors/steve-angelo/2012/01/04/silver-sales-surpass-domestic-production
I am writing a new article on "The Coming Paradigm Shift in Silver". This will explore the coming PHASE SHIFT in psychology that has occured in other investments and stocks.
Thanks. Keep up the good work.
Gartman and I had it out years ago whan I called him on his failed Euro/Gold call at 500. That was 700 Euros ago.
He called me "an idiot" back then. I wear it as a badge of honor now.
We got his newsletter when I was a currency trader, and personally, I found them useless and stopped reading within two weeks. I do remember that he flip-flopped a lot on gold when it was approaching 1000 for the first time. He was bullish, then bearish, then bullish, then bearish again so many times we lost count and indeed could never remember whether he was bullish or bearish. The guy might have been a good trader back in the day (long b4 I was trading) but he's lost that touch and should just stick to writing about 'stuff' and not telling people if they should buy/sell said 'stuff'. BTW, if you're curious about how much his daily newsletter costs, it's $400/month per person. It's usaully 4-6 pages and the only interesting, using that term loosely, part is generally the opening paragraph or two. That' it. It also is published in for the London open so if you're in NorAm, you get ripped off as the info is already hours stale.
everybody was a hero trader, investor, contractor, etc. up until 08....
I’m nominating him for biggest douche of the universe.
I think, he will shortly be visited by the BDIU committee.
(http://www.youtube.com/watch?v=ulDke7r0MOQ)
Gartman is a Fake. He does what everybody else on CNBC does. He pumps what he wants you to buy so he can get out.
I got his letter for a little while. At 400 bucks it is not worth it. He does the same thing to his subscribers.
Between him and R. Prechter I don't know who they should castrate first. Prechter is now wrong for three years in a row.
But he will sell you 100 ways for you to figure out he is a loser. Think for yourself.
No, another desparate head fake, seems to be happening a lot lately. The rats are starting to eat each other, bad time to be a rat.
Proving yet again that this profession has become a joke.
True, but I'd also add that those that were knowledgeable in the profession got out, are staying quiet, and buying gold. Those left in the profession are mouthing off to the world making 100% false claims because they are on some ego trip.
im confused tyler, yesterday doug casey told to get out of dodge with our gold.................
Now we know his "markets" only last about a month
Flip Flopin is how You loose all your money. This guy must be broke by now.
the bullion banksters painted a new line on his graph which means he must now change his opinion, of course!
welcome to zH!
i'm attracted to forensic accountants and i like the way you dress for work!
Here is a little tip I learned doing forensic auditor. Lawyers make their money in the courtrooms, and, as such, they are always very optimistic about your chances of winning.
LOL- dude is too distracted by his goofy ETFs to pay attention to gold long enough to form an opinion.....
Makes you want to mail him a 10 year chart with a post it note attached saying: "Hey bro, shut the fuck up, thanks."
Some people you consistently listen to.
some people you consistently bet against.
unfortunately, Gartman isn't consistent enough in his wrongness to bet against.
I'll wait until Cramer makes a statement, and bet against that!
A clock that's right twice a year is more useful than a clock that's right twice a day.
If you change course enough times you eventually head in the right direction...albeit maybe not for very long.
That's why I never enjoyed sailing.
Anyone playing with Gartman's OFF and ONN? How are they working out?
sucks. No liquidity. For Gartman to come out with that call right before S&P Friday seems very irresponsible. The guy is an ass clown, and deserves the beatdown he's going to get. Bearish with gold at 1550. Bullish at 1625. What a joker.
He's long 'of gold' and 'of full of shit.'
hahaha that's just how he writes. He has one of the most fucking annoying writing styles I've ever had the displeasure to read.
He's an arrogant prick. Perfect fit on the BlowHorn.
BTW, he was laughed off the stage a couple of years ago on his only appearance at the Vancouver Resource Conference (Cambridge House).
Ball of confusion. That's what the world is today. Hey, hey.
Agree - I'm out. Now I see why PM's are catching a bid before S&P Friday. Easy money on the short side.
Sell paper, buy physical. It's that simple, and it has been for some time.
+1 everytime i try to buy physical on the sharp sell offs, Kitco never seems to have any
Try a different fucking website next time like oh I don't know:
http://providentmetals.com
http://apmex.com
http://golddealer.com/
http://www.blanchardonline.com/
http://amergold.com/
http://www.gainesvillecoins.com/
http://www.bulliondirect.com/
http://goldsilver.com/
Or you could try this: http://bit.ly/zhtsEI
I still look in the yellow pages for coin stores where the prices beat anything that you can find on the internet. Retail venues on the street are the best source for precious metals. If I lived in the boonies I might be tempted to shop via the web though. Coin shops are fun and you don't have to wait for the mail to deliver them. You can't "deal" in an internet transaction either.
CNBC joke get Judge Wapner out on this one also remember these guys are tv reporters NOT analysts
When the paper’s finally worth next to nothing the price of gold is pointless, but you better have your turnips & tatties in.
the twit had no other choice but to join the gold bull camp. It's going up! The dollar will be devalued by 40%...
Flip-Flop... Twit-Twat
shit looks like i'll have to sell my gld calls
Prediction: Japan will get pulled out of its slump this year by the not-collapsing US economy. Fears that Japan will -finally- go down under its weight of debt, will be busted. After all, in this boring world, collapses simply don't happen. We're still alive, after all, and will continue to be. Hungary accepts support, Greece will get its package, Ireland grows, Spain and Italy restructure and Iran is a paper tiger. Bye bye doomers. #WhatCrisis?
God Himself could not sink this ship!
how was your xmas dinner?
Simple and tasty. I'm not so in for luxury food. Now reality returns and it is better than expected. No collapse, for example.
Well, I am not getting out of dodge, but I'm definitely having a good laugh at Gartman's expense.
Man, gold really showing strength against a USD up move today. I wouldn't be selling nothin'.
I think the Ugly Elites have finally wound the springs too tight. Oil and gold saying 'up yours' at these price levels....ready to spring higher on any one of several factors: geopolitical risk rachet, new dollar weakness, new European strength, increased US economic prospects....at some point one or more of these will blow. And so will the WOP and the POG.
This is the trough for now. Feed well, my friends.
Gold has been a valuable and highly sought-after precious metal for coinage, jewelry, and other arts since long before the beginning of recorded history. Gold standards have been the most common basis for monetary policies throughout human history, being widely supplanted by fiat currency only in the late 20th century. Gold has also been frequently linked to a wide variety of symbolisms and ideologies. A total of 165,000 tonnes of gold have been mined in human history, as of 2009.[2] This is roughly equivalent to 5.3 billion troy ounces or, in terms of volume, about 8500 m3, or a cube 20.4 m on a side. The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry.
Gold has been known and used by artisans since the Chalcolithic. Gold artifacts in the Balkans appear from the 4th millennium BC, such as those found in the Varna Necropolis, Bulgaria. Gold artifacts such as the golden hats and the Nebra disk appeared in Central Europe from the 2nd millennium BC Bronze Age.
Source: Wikipedia.
So we, as humans, have been using gold for a long long time. Now, if I`m to take what .gov is saying and many thousands of human history, I`ll go with the history.
How does Gartman define "bull market" and "bear market" if gold can swing back and forth between the two in a matter of weeks??? Anyway, we're safe as long as institutional investors keep listening to this mutt.
I've been wondering the same thing. Maybe Gartman is a trader masquarading (or being unfairly portrayed in the meda) as an investor. If he's a trader, then I guess there is nothing "wrong" with what he is doing.
The media portrayal recently has been clear though, Gartman was said to proclaim the ten year bull market as being over.
<unrelated>
is it ok to have a NON-GAY man crush on Kyle Bass?
My God, Gartman is actually clueless? But he uses the word "eponymous", and "for" instead of "because", so he must be intelligent, right?
I hate his style. I think I read it 3x and couldn't take the stupid wording.
Well, using Gartman speak, you could say he is short of brains, and long of Deceit
Looks like the no volume float to 36k is underway. I'm convinced they'll have half the US in tent city with 10% unemployment and Dow20k. Anything to stay in charge. I'd almost rather get WW3 underway than endure the next 30 years of total fucking horseshit. And it looks like we may get it. It doesn't matter, we get all this worked out and the next group of total fucking morons will gain power. Just like every other time in history. There's no end to it till we're all dead.
Oh and btw.......if you're an investing genius then why would you need to charge people to take your advice? We all know the answer to that one.
I'm in one of those fuck everything moods right now. Gona go take a nap then get up and start drinking beer. That's all im good for anymore after the massive economic recovery ruined everything I ever worked for. Save me the boot straps speech, im already 45(2/3 dead) im not gona waste the rest of my life working my ass off in an impossible system. House is paid off, fuck it. And if some horseshit comes out where the system tries to take my house then that's it for me. And that's it for the mothefucker that tries to take it. The End.
These guys are so blatant it is unreal. Timmy, Ben and Obama you can't beat it.
Roger that, but please feel free to chat/gripe with us while you're at it.
mmm beer
question: is a total idiot a contrarian indicator, or just that?
One things for sure ill be a total idiot here in a few hours. LOL. Oh well, ill be happy too.
OT: This just in; MS, fed will be forced to ease again soon.
Ahahaha
These guys know what is coming.
Wonder if 'Garts' asked CNBC to introduce him as 'world renowned.' Can't imagine someone being that full of himself but if anyone is it would be him. Not since Eric Bolling was on has anyone been as wrong and full of themselves at the same time.
This clown is so full of himself, he referes to himself as we! For me, one is way to many of this hack
Him and his wife = we, no?
I take this as a sign that gold will soon be going on sale again. It could continue higher for a little while, but I think it'll be below $1600 again pretty soon. I'm expecting it to drop close to $1300 in the next phase of deleveraging, which will occur very soon. Keep the powder dry for the fire sale.
Gartman never buys gold at the right time....he sometimes sells with good timing.....he is too emotional to be a smart trader of gold, gets spooked to easily and since becoming a "star" on CNBC he is now emotional and pompous...bad combination...
Ignoring Gartman, while a sensible first step, is not enough. He should be sentenced to obscurity.
This latest flip-flop confirms once again that his trading decisions are guided by pure emotion, not by any rational or technical approach.
Gartman is a douche bag.
Once again Gartman proves he is without a doubt the biggest douchebag shill out there. Make no mistake about what he said last time.."the Gold bull is dead"..he advised everybody to liquidate all their gold holdings. Could we get Banzai to put Gartmans face on a log of shit or shit coming out of his mouth, or Gartman just plain eating shit.
Seeking guidance.
I am 90% into Au and Ag with a bit of Pb on the side. All phyz.
Can't help thinking that a small position in junior mining shares would be a worthy risk given the beat down they have experienced.
Can anyone recommend any good premium services / newsletters covering this sector?
Thank you in advance.
https://www.explorationinsights.com/
divine wind
grab a free service to stock charts .. when all the lines are way down .
buy some .. like now ..
Heard the term 'S&P Friday' 3 times now...
Can someone please enlighten me to what they're referring to...??
The long awaited downgrade of the entire EU soverign debt by the S&P. This comes after their December 6th review that put them all on negative.
They always do the deed on Friday to soften the blow to the markets. This downgrade has significant repercussions to EFSF, as it makes it go from 440M AAA to 292 AAA (as per S&P). Not to mention the psychological effects of a headline of this nature.
I unloaded all my paper gold when it went parabolic back in the early fall.
I was thinking about putting some fiat shit paper to work and buying some more gold ETF's, but given this asshats perfect contrary indicator calls, I will hold off on that bet.
Thanks Fartman, I appreciate the free tip!
Kitco: In the lead - serial flip floppin!
truth be known
mostt every one was shaking at gold 400..
this was the number it was not going above .
like all callers of 250 please newsletters // they are in it for the subscriptions ..
even the writer on this blog article .. probably is as clueless as gartman .. or he would maybe temper his remarks .. and just suck a tit
Senility is a bitch Gartman. You flip more than Romney
I dont think it's going to drop again. I believe he needed a correct call to continue his talking head gig.
It's up up n away.
The fact that Gartman sold gold priced in Euros, while the Euro was dropping, is evidence enough of how well he thinks things through.
http://www.beaconequity.com/gold-price-lord-haw-haw-dennis-gartman-announces-%E2%80%9Cdeath-of-a-bull%E2%80%9D-2011-12-19/
The above link is documentation of Gartman's calls. The title of the FP Investing article, Gartman Admits he Made a Bad Call on Gold, is another Gartman cover-up. "A" bad call? How about three in a row? The chart in the above link pinpoints these three bad calls--in a row. Which begs the question, then: Why does he make a living selling a newsletter when better calls are made by James Turk and several others? Turk doesn't sell advice; he sells a service, storing bullion. You get better calls on KingWorldNews.com--for free! And you don't have to listen to Gartman's affected speech. He tries to sound like a cross between James Grant and James Sinclair. Ever notice that? How do these guys weasel into the media when there is no talent there? Someone help me out? Is Gartman a shill? The Feds have admitted paying journalists and "analysts" during Congressional hearings on foreign policy matters. So, please, no tin-foil hat comments. It's very tired, now. It's no longer cool to be a bourgeois American dolt. It's just tired!
Who's the worse of the three, Christian, Gartman or Nadler? Tough call isn't it? I'd give an ounce of precious silver to see whopays them--off the books. No one can be that dense. Can he? Go to alexa.com and see where Gartman's traffic comes from. Colombia! Gartman is just one strange guy, creepy, actually.
If only Stolper would join forces with Gartman, I would add a negative correlation variable to my algorithm, and I'm thinkin' it would be damn near infallable.
http://vegasxau.blogspot.com
Gartman has NEVER made a correct call on gold. Whatever he says, do the opposite.
Gartman is a rasberry jelly filled doughnut.
On Fast Money he just said that people are going to leave Family Dollar to shop at Nordstroms because the recovery is here.
Next week, he will tell us that Family Dollar is a buy because they have great deals on windshield scrapers and it's Winter; and to sell Silver because people are using less film.
Horizons Betapro + Gartman = guaranteed to LOSE 2X YOUR MONEY!
Even a broken clock is right twice a day. Who gives a damn about Gartman's feelings about the direction of gold?
Does all this mean "one" should be "short of" Gartmans shit?
Gartman makes more money from speaking engagements. His appearances on CNBC/Bloomberg only help perpetuate the myth. What do you expect from the talking heads he once use to belittle all too often. Now he flips again and has become what he could not stand only a few years ago.
Forgot to mention, his HAG fund was started at the low point of the financial crisis in March 2009. His timing was perfect, too bad he has lost 25% of the funds value while the S&P & DOW have risen 80%.
Another Gartman trick is to be self deprecating and disingenuous in order to curry favour with his readers and give the impression he is not perfect. It is an act and he does not believe it for a minute. He loves himself and cannot take criticism. Notice how he turtled when Grandich called him out.
Have a look at what the Globe said back in 2010...
http://www.theglobeandmail.com/globe-investor/investment-ideas/features/...
A black mark on Horizon Funds his sponsors. If it were not so sad...you know the rest.
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