“Commodities King” Says Bull Run Will Continue; Now Is the Time to Buy Gold (Video)
Last December, Dennis Gartman called gold the top commodity to own in 2017. He followed up in March, swearing he wasn’t a “gold bug,” but then advising “buy gold.” Now the man known as the “commodities king” says keep buying gold.
In an interview on CNBC’s Futures Now, Gartman declared the bull run isn’t over and predicted the yellow metal will hit $1,400 in the near future.
A year from now gold will be demonstrably higher than where it is now.”
Gartmen pointed out that gold has been rallying in dollar terms. It’s been a bull market since late December of 2015. It’s been a bull market in euro terms since January of 2016. And it’s been a bull market in yen denominated terms even longer than that.
Gold rose broke out above $1,300 in late August and briefly pushed through the $1,350 mark earlier this month, but then fell back after the Federal Reserve took a more hawkish stance at its last Open Market Committee meeting. Gartman was unfazed by what he called a relatively inconsequential correction.
So, why does Gartman have faith the gold bulls will continue to run? Central bank policy.
The monetary authorities are all still remaining expansionary. In that instance, the one currency that will probably do the best of all is gold.”
Gartman downplayed the impact of the Fed unwinding its balance sheet, noting that it will take years for the central bank to get all of the crisis-era assets off the balance sheet, saying, “This is not something that will occur overnight.”
The commodities king emphasized now is the time to buy gold.
If you’re not long, you should use this weakness that we’ve had in the past two weeks to be a buyer – no question.”
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