Dennis Gartman has been directly involved in the capital markets since 1974 and has been publishing his daily commentary, The Gartman Letter, since 1987. The following is an excerpt from today’s The Gartman Letter.
Firstly we’ll note that today is Friday and Fridays in recent months have been particularly unfriendly to gold. Gold’s performance yesterday was again horrifying to those who are bullish of gold in US dollar terms, with spot gold trading down to $1215/oz. before finding some support as short covered…profitably. We remain long of gold in Yen terms and that is the only way we shall buy gold at this time, happier to note that we are joined in this trade by Mr. Kyle Bass of Hayman Capital Management who has gone out of his way to say that Gold/Yen is the trade he will most strongly support going into ’14. We’ve made our case for months regarding gold in Yen terms and we needn’t go into it here this morning save for noting that the Bank of Japan has no choice but to continue to err “dovishly” and to do what it can to force the Yen/dollar rate to 125 and beyond.The above communication is a publication of The Gartman Letter and is not intended to provide personalized recommendations to buy, hold or sell investments. The Gartman Letter’s information, statements, views, and opinions are based on internal and external sources considered by The Gartman Letter to be reliable, but The Gartman Letter makes no express or implied representation or warranty to those sources’ accuracy, completeness, or correctness. Such information, statements, views and opinions are expressed as of the date of publication, are subject to change without further notice, and do not constitute a solicitation for the purchase or sale of any investment referenced in the publication. Investors should verify all claims and conduct their own research before investing based on the above communication provided by The Gartman Letter.