The Golden Truth: Wow! It Does Get Funnier...

Monday, August 8, 2011

Wow! It Does Get Funnier...

I just found out that the widely followed and highly-visible-on-CNBC Dennis Gartman cut his gold holdings in half on Friday! Those of us in the precious metals investing arena have been saying for years that Dennis Gartman is the ultimate contrarian indicator! Reminds me of when he dumped his gold holdings at $550 in the summer of 2005 and missed the entire run up to $735! Another 34% run without Gartman on board will take us to $2250 (based on Friday's close)!!!

23 comments:

AnonymousMonday, 08 August, 2011
(Quinn, CO)

I watched the interview live and I almost fell out of my chair. I immediately called everyone I know and told them to go to my favorite local dealer and buy all the gold they could afford.

He and the Bernak are the lead acts in the theater of the absurd. Like when the Bernak said we were not facing inflation a month or so ago... really? He must not shop for groceries in the United States of America! He apparently eats Ipads and stocks, because from my perspective they are the only thing getting cheaper in the real world.
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quercusMonday, 08 August, 2011
That's the best news of today besides the leap in gold. Dennis must have angered the Gods somewhere because they are making a fool of him big time, and what's more, ALL of the time. Now, if he would just apologize for once, but no, Dennis thinks he's the man.

What's really spooky, he's wrong about Gold with near 100 % accuracy.
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AnonymousMonday, 08 August, 2011
(Dave)

LOL x 2!
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AnonymousMonday, 08 August, 2011
Is this holding back the flows into this sector?

Resource nationalism is biggest risk to miners: report

Headline: Resource nationalism is biggest risk to miners: report

Resource nationalism is the biggest threat facing the mining sector this year and next as governments seek to take advantage of higher commodity prices to try to restore fragile finances, advisory and accountancy firm Ernst & Young (E&Y) said on Sunday.

"Because the mining and metals sector rebounded quickly from the global financial crisis, it became an early target to help restore treasury conditions," the firm said.

E&Y said it had identified at least 25 countries in 2010/11 that had increased, or announced plans to increase, their government take via taxes or royalties. Governments have also been looking to lift local participation in projects, a trend E&Y thinks will only increase.

Source: af.reuters.com

http://edegrootinsights.blogspot.com/2011/08/resource-nationalism-is-biggest-risk-to.html
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AnonymousMonday, 08 August, 2011
(Quinn, CO)

Dave: It is becoming clear to me now that the Bernak:

1.)Hates trees, which would make a lot of sense with all the printing he is doing. Only a person with a true hatred of trees would make as much paper as he has.

2.)Eats paper, Only a person that depends on paper for food to sustain life would make stocks as cheap as he has.

3.)Is totally insane.

Pray for all of us, I fear that he might be a combination of all of these things. He might truly be a mad man.
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AnonymousMonday, 08 August, 2011
Getting back to ECU...they seems to have transferred their toxicity to Golden Minerals, which is now a worse performer than just about everything other than BAC and C.
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Joe KernanMonday, 08 August, 2011
The `Sell' signal is when Prechter tells his lemming followers to buy
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Dennis the MenaceMonday, 08 August, 2011
ROFLMAO...Is Gartman like the WORST timer/trader around???
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PurewaterMonday, 08 August, 2011
It's remarkable this fool gets on TV so much. He should be making balloon animals at children's parties.
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BillMonday, 08 August, 2011
Ha ha ha Dave, what a loser!
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AnonymousMonday, 08 August, 2011
(Dave)

I love it! My Gartman post gets the most feedback!!!
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McClureMonday, 08 August, 2011
6 italiano?
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ariMonday, 08 August, 2011
Adding to this madness, Jeffrey Christian said today on cnbc that gold had hit its final high today and it was down from here.
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EconomicDisconnectMonday, 08 August, 2011
Gotta curl up with some gold and silver bars in the fetal position! What a mess. If BAC goes below $5 will have to reverse spilt to keep funds holding the stock. FED on tap tomorrow, maybe they stop the presses? LOL, not.
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AnonymousMonday, 08 August, 2011
LOL GYC.

Jeffrey Christian is retarded.
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AnonymousMonday, 08 August, 2011
Some of Gartman's idiot comments from Friday on CNBC...
http://www.cnbc.com/id/44034332

"Given the circumstances prevailing in a world that shall put a premium high upon liquidity, we think it is wise to liquidate our gold holdings ahead of everyone else."

...and...

"Gold is a fine trade, but gold is hardly 'safe.' Safety to us means a price that is stable, and gold is anything other than stable these days."

I'd love to see a video compilation of the market refuting his arrogant pronouncements of 'market wisdom' shortly after he makes them, it certainly happens at least 2 out of 3 times he opens his mouth! That CNBC talking heads all revere him so never made any sense to me.
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AnonymousMonday, 08 August, 2011
Folks, make sure you got the real stuff.

Otherwise, it's "The Final Countdown."
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HalMonday, 08 August, 2011
Christian said tidat was the top, in one statemnet, then when asked if should sell, the answer was not necessarily, if things do not get better gold wil go higher. Well, who here sees things getting better?

Finally he said buy puts to hedge against a gold price decline--sure--anybody see the price of buying puts?
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AnonymousTuesday, 09 August, 2011
This is perfect confirmation that the only person who is correct about the precious metals market is FOFOA.

Physical Gold is the only way.

Miners and Silver panic with the market and so those who talk about the impending collapse will be disappointed because Silver will go nowhere and miners even less.

Yes I agree once there is stability in the broader market again then miners and Silver will go to the races. But that is the point - in a crisis GOLD is the only option.

Ontop of it I cannot buy any physical silver anywhere at close to the spot. And no one -not even Sprott can change the comex to clean it out and stop it. Big talk no teeth.

I am so frustrated
Could you give some advice. Thanks
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AnonymousTuesday, 09 August, 2011
(Dave)

The true, pure goldbug has always advocated only owning physical gold/silver. FOFOA being just one of several who have expressed that view over at least the last 10 years (that I've been doing this sector).

It took me until a few years ago to really understand why they are ultimately correct.

Having said that, I believe you have to take risks in life and I believe we still have time to make a killing in mining stocks. My plan has always been to try and time everything somewhat accurately and eventually move all of my mining stock profits into pure physical.

Of course, if you believe the vision in The Road by Cormac McCarthy has validity, you'll know that ultimately even gold won't help. There's a scene in the book at least in which the Man finds a jar full of kugerrands in a survival bunker and he looks at them and then puts them back on the shelf, as he's only looking for things like food, fuel and bullets to help he and his son survive...
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AnonymousTuesday, 09 August, 2011
Thanks for your response.

Silver must be a special, special case. It gets banged up on its own, it gets banged up when commodities do, it gets banged up when the markets do and it gets banged up when gold does. I do understand that it has risen already, but there must be some very special circumstances that causes Silver to react the way it does.

Look at today - there is a reversal in all commodities, gold is green. The only one down good is Silver.

This is our proof that there is more to Silver than selling for profit.
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AnonymousTuesday, 09 August, 2011
(Quinn)

Gartman is live on CNBC saying the selloff is over. Watch out!
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AnonymousTuesday, 09 August, 2011
Anonymous said...

"Ontop of it I cannot buy any physical silver anywhere at close to the spot.

I am so frustrated
Could you give some advice. Thanks"

If you can afford 715 ounces of silver, you can buy at below spot (and get free shipping) of 90% pre-65 'junk' silver dimes, quarters and halves here...
www.tulving.com
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.