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.