I suppose Dennis Gartman, who has the attention-span of a fruit fly, conveniently forgot about this remarkably idiotic assertion in reference to Elon Musk:
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Perhaps the best contrarian indicator for the directional movement of gold and silver is Dennis “Wrong Way” Gartman, who recently announced that he was dumping all of his gold “positions” (note: Gartman’s “positions” are theoretical paper portfolio trades):
As for gold, we have clearly held on far, far, far too long to having owned gold…clearly we’ve been wrong to have erred bullishly of gold in any fashion whatsoever. We shall have no choice henceforth but to look upon any bounces that we get as opportunities into which to sell (The July 2, 2018 Gartman Letter, page 4).
This is true manna from heaven for precious metals investors. Dennis Gartman is one of the
best contrarian signals we have observed in over 35 years of involvement with investing and financial markets. He has a remarkable capacity to endure shame because he is almost
always wrong when he goes long or short any investment. His wrong-way calls are becoming legendary.
But if this isn’t enough evidence that now is the time to start buying, reloading or adding to your favorite mining shares and buy more physical metal, in this episode of “WTF Just Happened?” we discuss several other market indicators that point toward a big move coming in the precious metals sector ((WTF Just Happened is a produced in association with Wall St. For Main Street – Eric Dubin may be reached at Facebook.com/EricDubin):
I recommended Arizona Mining in May 2016 at $1.26 to my Mining Stock Journal subscribers. It was acquired today for $1.3 billion, or $4.65/share. My subscribers and I are making a small fortune shorting homebuilders.
I think the best indicator that we are at a bottom is the attacks I have been getting via email, comments that I can’t post because they are so insanely idiotic and even on twitter. Frankly, given the degree of manipulation by the Fed-sanctioned banks and the anti-gold bias of the financial media, I am stunned that anyone would expect that my “bottom” call would be perfect to the day. Here’s an example of completely fraudulent propaganda coming directly from Wall Street. This was an email received by Dennis Gartman yesterday that he published in his daily newsletter today:
“Interestingly we got an e-mail yesterday from an individual noting that he had been told by his brokerage firm that it was illegal to own gold in non-US dollar terms. This is nonsense; of course one can own gold in non-US dollar terms… otherwise the NYSE would be trading our ETFs… GYEN; GEUR, GGLD and GLDE illegally, or the CME would be illegally allowing us to be long of gold/short of the EUR, or the Yen or Sterling or any combination therefore. We are stunned by the nonsense that is sometimes so prevalent in the markets.”
THAT is what anyone who is trying time the precious metals market is up against. What’s ironic is that, when I ask any of the morons ridiculing me on my views to show me their market view/analysis, I get crickets in response.
I am standing by my call that we are at, or at least forming, a bottom in this vicious manipulated attack on the precious metals. I had taken some profits on some trading positions in my fund two weeks ago to raise some cash, knowing the end of August is one of the most manipulated times of the year, and I have been putting it back to work into every single stock for which I have posted research reports. Yesterday AND Friday.
Patience is the key because eventually manipulated markets – throughout all of history – end badly for the manipulators. George Soros has bet at least $2 billion on put options that the S&P 500 will experience a significant. Do you think he’s losing sleep on that bet? No, based on his history of betting against Government manipulation, I would bet good money that he added to his short bets over the past couple of weeks.