The perpetual contrarian indicator, matched only by FX guru Tom Stolper, strikes again:
"Gold is acting crappy. It looks awful on the charts and it's just not doing what it should be doing. Gold looks weak. Thank goodness I have owned it in terms of Yen. It saved me from losing 25% instead of only down about 7%. That's still an eggregious loss. Gold still looks awful. One has to suspect it is probably going to go lower again. I like steel a whole lot more than i like gold."
That was, of course, everyone's cue to buy some $50 lower.
Perhaps it is time for Gartman to unwind his "ETF." Oh wait.