Gartman Flip Flops Again, Now Sees Bull Market For Gold: Time To Sell Everything?

Tyler Durden's picture

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.


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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Badabing's picture

sell it all! except phys

Pladizow's picture

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!

BaBaBouy's picture

Part Of The GOLDMANIP Gang ...


Just Noise, Just Stay true to Physical.

BaBaBouy's picture

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.

dlmaniac's picture

Makes you wonder who in their right mind would subscribe to this joker's mailing list.

smlbizman's picture

i thank god every day i am not as smart as these guys on tv.....

Thomas's picture

But he still ain't Jon Nadler. That dickweed is worse.

strannick's picture

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

silverserfer's picture

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.

Professordoomfinger's picture

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..."



SRSrocco's picture


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:

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.

Bay of Pigs's picture

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.

Vengeance's picture

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.

smlbizman's picture

everybody was a hero trader, investor, contractor, etc. up until 08....

EL INDIO's picture

I’m nominating him for biggest douche of the universe.

I think, he will shortly be visited by the BDIU committee.



rocker's picture

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.   

LawsofPhysics's picture

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.

navy62802's picture

Proving yet again that this profession has become a joke.

nope-1004's picture

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.


kito's picture

im confused tyler, yesterday doug casey told to get out of dodge with our gold.................

10044's picture

Now we know his "markets" only last about a month

xela2200's picture

Flip Flopin is how You loose all your money. This guy must be broke by now.

slewie the pi-rat's picture

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!

xela2200's picture

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.

jcaz's picture

LOL- dude is too distracted by his goofy ETFs to pay attention to gold long enough to form an opinion.....

tekhneek's picture

Makes you want to mail him a 10 year chart with a post it note attached saying: "Hey bro, shut the fuck up, thanks."

Hmm...'s picture

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!

blunderdog's picture

A clock that's right twice a year is more useful than a clock that's right twice a day.

Temporalist's picture

If you change course enough times you eventually head in the right direction...albeit maybe not for very long.

Miss Expectations's picture

That's why I never enjoyed sailing.

Village Smithy's picture

Anyone playing with Gartman's OFF and ONN? How are they working out?

lairdwd's picture

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.

BlueStreet's picture

He's long 'of gold' and 'of full of shit.'





Vengeance's picture

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.

Bay of Pigs's picture

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).

FubarNation's picture

Ball of confusion.  That's what the world is today.  Hey, hey.

lairdwd's picture

Agree - I'm out. Now I see why PM's are catching a bid before S&P Friday. Easy money on the short side.

tmosley's picture

Sell paper, buy physical.  It's that simple, and it has been for some time.

The trend is your friend's picture

+1 everytime i try to buy physical on the sharp sell offs, Kitco never seems to have any

suckerfishzilla's picture

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.   

skyview's picture

CNBC joke get Judge Wapner out on this one also remember these guys are tv reporters NOT analysts

orkneylad's picture

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%...

The trend is your friend's picture

shit looks like i'll have to sell my gld calls

LookingWithAmazement's picture

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?

mick_richfield's picture

God Himself could not sink this ship!