The Gartman Letter: Gold in US Dollar Terms
Dennis Gartman has been directly involved in the capital markets since 1974 and has been publishing his daily commentary, “The Gartman Letter,” since 1987. A frequent guest on business news networks CNBC and Bloomberg, Dennis is a preeminent expert on commodities and issues relating to the capital markets. Below is Dennis’ insight from today’s “The Gartman Letter,” which AlphaBaskets is now pleased to be sharing with our audience on a weekly basis.
Gold in dollar terms is under very real pressure and has been so following the Fed’s non-decision earlier this week. There had been hope amongst the gold Bugs that the Fed might actually increase its “accommodation” to the market. It did not, and in not doing so one leg of the gold bull market was removed. Gold is having a small bid to it this morning, rising from its overnight lows, on the news out of Israel/Syria noted above and noted below at some length; however, that strength is strangely modest and a “healthy” gold bull market would have seen gold rising $25/oz. or more. It has risen a very few, instead. We note this apparent weakness, although we are not recommending that one sell gold even though this is Friday and Friday’s have been anathema to gold buyers of late.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.