Thursday, April 16, 2009

Dennis Gartman on BNN: Short Gold

Dennis Gartman was on BNN today. You can view the clip here.

Mr. Gartman had some interesting comments about gold. He is now short on gold, and he does not believe for a minute that gold will reach $1,300.00 this year. He says that the gold bugs hate him. He also makes fun of the GLD bashers, he people that think GLD does not own any physical gold.

There is it, certainly a contrarian view on gold. Speaking of GLD, where would the price of gold be if not for the GLD purchases (real or not)?

His top picks:

1. Long CAD and AUD (Canadian and Australian dollars), short Yen. He says Japan is "terminal" and will have only half its population in 50 years.
2. Long copper stocks, short S&P500. Top copper stocks: Freeport (FCX) and Southern Copper.
3. Short gold.

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