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)!!!


  1. (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.

  2. 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.

  3. (Dave)

    LOL x 2!

  4. 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.


  5. (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.

  6. 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.

  7. The `Sell' signal is when Prechter tells his lemming followers to buy

  8. Dennis the MenaceMonday, 08 August, 2011

    ROFLMAO...Is Gartman like the WORST timer/trader around???

  9. It's remarkable this fool gets on TV so much. He should be making balloon animals at children's parties.

  10. Ha ha ha Dave, what a loser!

  11. (Dave)

    I love it! My Gartman post gets the most feedback!!!

  12. Adding to this madness, Jeffrey Christian said today on cnbc that gold had hit its final high today and it was down from here.

  13. 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.

  14. LOL GYC.

    Jeffrey Christian is retarded.

  15. Some of Gartman's idiot comments from Friday on CNBC...

    "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."


    "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.

  16. Folks, make sure you got the real stuff.

    Otherwise, it's "The Final Countdown."

  17. 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?

  18. 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

  19. (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...

  20. 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.

  21. (Quinn)

    Gartman is live on CNBC saying the selloff is over. Watch out!

  22. 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...