Anti-Gold Bug Says “Buy Gold!” (Video)
Veteran trader Dennis Gartman appeared on CNBC Futures Now yesterday and he made it clear right up front that he is not a “gold bug.”
I’m not a gold bug. I don’t like the gold bugs. I’m not a believer that the world is coming to an end.”
After that disclaimer Gartman, the anti-gold bug said, “Buy gold!”
Gartman said as long as central banks continue expansionary monetary policy, the upward trend in gold will continue. And there is every indication that negative interest rates and quantitative easing will continue indefinitely. The stimulus the European Central Bank announced this week will last well into the future. As Bloomberg put it, “The ECB’s new measures have just entrenched policies designed for crisis times into the next decade.”
As we’ve been saying, that’s good for gold.
Gartman agrees:
Monetary expansion equals higher gold prices. That’s what you’ve got and the trend is up. Don’t fade this trend.”
Highlights from the interview.
“I’m a believer in the gold market at this point. I’ve been quite bullish on gold.”
“The trend is up, the trend has been up for the past several months, and I continue to think that as long as the monetary authorities are going to remain as expansionary as they are [the trend will continue.]”
“What Draghi said today, which turned the market…he made it abundantly clear that he was going to continue to expand the supply of reserves in the system, even though he wasn’t going to allow interest rates to go further into negative territory – that’s what caught people off guard – but he’s made it abundantly clear he’s going to throw more reserves into the system. The Bank of Japan will be throwing more reserves into the system. And the Fed will have no choice but to at least hold monetary policy steady, if not become slightly expansionary following what the leads are from the ECB. Monetary expansion equals higher gold prices.”
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So,this genius Gartman is bullish on gold prices,but he doesn’t want the establishment to think he’s some kind of crazy gold bug,believing that gold,the ancient relic, is money.He should get back to pushing bonds and the Dollar.
It is hard to deny we are facing a financial collapse but what does that really mean? Most prices will come down but others will rise. Here in lies the study work. I can see myself doing business by using silver coins as opposed to using fiat currencies. At that point,will gold and silver appreciate or decline? More study work!
At this point I have silver and cash and will dump one when to time is right.
To not have gold or silver stored at this point is foolish.
If you are a technical analysis you will see that the technical indicators for gold and silver are at extreme highs for gold and near extreme highs for silver. Meaning that somewhere at the end of March or the beginning of April prices for both will fall, below $15 for silver and around $1160 for gold.
Also by looking at the technical indicators one can speculate that after gold and silver make these down turns in price for April and possibly through May that in June the price will go back up and to never come back down to these levels again.