Get out of Gold now, price will plummet to $1450/oz: Dennis Gartman

[YumYum]

http://www.commodityonline.com/news/get-out-of-gold-now-price-will-plummet-to-$1450oz-dennis-gartman-44362-3-1.html

 

[Perry]

If you're reading a stock chart and the chart says the stock is about to explode it does not take into account the fact that the CEO is about to takes $100 million from the company and secretly put it into his personal bank account.

Likewise technicals don't take such variables as inflation into account.

 

[pmbug]

Trader chatter that I read says gold has significant support at 1550. We'll see.

 

[hazek]

Haven't you learned your lesson yet yumyum?

 

[raystone]

Physical or paper ?

 

[fletcher]

I've never seen YumYum say anything besides get out of gold.

 

[YumYum]

I've never seen YumYum say anything besides get out of gold.

I have done some research. Deposit your gold out of this country immediately. Asia is the best bet. We are going to have a economical martial law by the first quarter of next year.

 

[Seraphim]

Well, I think a MARKET WIDE crash is coming soon. PHYSICAL gold is the last thing you sell.

I'm still thinking the next (possibly current?) market crash will yield low-mid 20's$ silver and something like 1400-1500$ gold. Does that mean I am selling? HELL NO.What I am doing is paying off my last bit of debt so I can get CASH to BUY silver once it's discounted price is near it's bottom.

 

[Seraphim]

That is NOT selling gold. That is a wiser choice than selling it....

I have done some research. Deposit your gold out of this country immediately. Asia is the best bet. We are going to have a economical martial law by the first quarter of next year.

 

[danda]

dollar cost average. If you buy a little physical every week, and I mean EVERY week, then you will benefit from the dips and just be happy to see it going lower.

 

[schiffheadbaby]

Both sides please calm down.

YUMYUM is a noted gold bear, I will pray for him that he has missed out on the rally.

Does anyone expect sub 1trillion dollar deficits in next few years?

The fundamentals are still there, YUMYUM is really promoting propaganda. Shorterm there probably will be more weakness, medium-longer view still intact

 

[unknown]

I think its very possible that the price of gold may drop.

Its a game they play in the run up to every election in which they like the incumbent.

Between now and the 2012 Presidential election, I think we'll see a strengthening of the dollar, resulting in cheaper commodity prices. I think we'll see a stable stock market and lower unemployment.

 

[Jordan]

I think its very possible that the price of gold may drop.

Its a game they play in the run up to every election in which they like the incumbent.

Between now and the 2012 Presidential election, I think we'll see a strengthening of the dollar, resulting in cheaper commodity prices. I think we'll see a stable stock market and lower unemployment.

The second ranking reserve currency is in the toilet. The US Dollar is clearly back in the "awesome assets to have" class until the Euro gets its stuff together. Some 26% of the world's reserves are held in Euros.

Canadian Dollar has been unrealistically overbought as a "carry" currency along with the AUD. PPP between US and Canada doesn't make sense. Canada isn't a commodity country, either. Nor is it a growth territory. Australia is a super-levered bet to emerging markets. It was only the risk-on love that kept the dollar down, now the markets are correcting. It's perfectly reasonable to see the US dollar rise here.

 

[schiffheadbaby]

I think its very possible that the price of gold may drop.

Its a game they play in the run up to every election in which they like the incumbent.

Between now and the 2012 Presidential election, I think we'll see a strengthening of the dollar, resulting in cheaper commodity prices. I think we'll see a stable stock market and lower unemployment.

It will be next to impossible to have a stronger dollar, stable equities and lower commodities for 12 months straight.

Jordan, tell me you don't buy that.

Do you think dollar index can hit 90 without major problems for ES? I'm inclined to say no

 

[Jordan]

The S&P500 is dollar-denominated (I'm assuming by ES you're referring to the e-minis?) so I do absolutely buy that.

 

[schiffheadbaby]

There has been such a strong correlation between Dollar weakness and equities I don't think that could be sustainable.

In the event the dollar continues to rally there should be much more downside for US stocks.

 

[Jordan]

I don't think it'll rally too much further, as it's already getting closer and closer to "fair-value."

 

[Steven Douglas]

Funny how few people see this as a Dollar Bubble, but instead look at it as a deflating gold or silver bubble.

Hoo boy, make hay while the sun shines. Sell those dollars, baby! Especially on the rise, and as long as anybody is willing to buy them. Every sinking ship tilts upward as it founders before it finally sinks. Sell out while feces is still selling.

 

[Jordan]

Funny how few people see this as a Dollar Bubble, but instead look at it as a deflating gold or silver bubble.

Hoo boy, make hay while the sun shines. Sell those dollars, baby! Especially on the rise, and as long as anybody is willing to buy them. Every sinking ship tilts upward as it founders before it finally sinks. Sell out while feces is still selling.

You don't actually expect a majority of people find the above argument particularly convincing, do you?

 

[Danke]

I have done some research. Deposit your gold out of this country immediately. Asia is the best bet. We are going to have a economical martial law by the first quarter of next year.

Oh, OK. Say, how's your aunt doing?