Dennis Gartman Says Gold Is Still Heading Down

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I’m not sure that Dennis Gartman deserves status as Gold Guru, but a lot of people sure want to know what he has to say on the subject. Maybe that comes from charging an astronomical amount for your wisdom via newsletter.

Anyway, Dennis asks what will happen to gold “when crude oil does eventually top out and head lower?” And answers the question by saying, “The trend for gold remains down.”

Question, Dennis: “When is crude going to top out and head lower, and from what price will it start that downward trend?” You see, that price for crude could be MUCH higher, I don’t know, and neither does Mr. Gartman.

I do know of one good call Dennis made on gold a few years back, and it happened to be a sell. (Self fulfilling since everyone seems to follow him?) But I’m told of many bad calls too.

Dennis Gartman is followed by some big boy traders. If you aren’t one of them, you may want to be cautious. You can’t do what they do. For some of the rest of us, do you want to buy gold today under $900 and risk seeing it trade (briefly, if at all, in my opionion) as low as $780? Or would you rather buy gold this December and pay $1200 per ounce, still waiting for that cheaper price to buy at.

As for gold stocks, the good news has been rolling in all week, just as I predicted on Monday.

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