Thursday, January 5, 2012

Gartman: Gold Now Is In Bull Phase: What Are Investment Advisers or Gurus Good For?

What are investment advisers/gurus good for?

Dennis Gartman has now declared that he was wrong about gold.

The Financial Post reports that in his daily investment letter today, Mr. Gartman officially reversed his outlook for gold, saying he now thinks gold is 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)".

Gartman said 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,” “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.”

"When Mr. Gartman made the bear call last month, Mr. Grandich said he was willing to wager Mr. Gartman US$1-million that gold will hit US$2,000 an ounce before it hits US$1,000 on the COMEX".

"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,”

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