In his typical pompous, weak-chinned facade, alleged gold expert Dennis Gartman has declared that the decade-long bull market in gold is dead—again—and again. He penned in his newsletter, Gartman Letter:
“ . . . in retrospect it does appear that gold has not been in a bull market but has indeed been in a bear market” since peaking at $1,920 in August 2011. Sign-up for my 100% FREE Alerts
“Since then,” he continued “each new interim low has been lower and each new interim high has followed. How, we ask, had we missed that fact!”
Apparently, Gartman misses a lot of facts, but he doesn’t miss an appearance on CNBC to drum up more suckers to his newsletter. He figures since investors don’t bother with due diligence on stock recommendations, they won’t research Gartman’s most-abysmal track record either. See chart, below.
In keeping with the CNBC’s Steve Liesman cadre of phony economic theorists and Fed sycophants, Gartman reminds his fellow bourgeoisie that he should never be mistaken for a dreaded gold bug proletariat, nor should anyone even think for a moment that he could actually be a closet ‘prepper.’
“I don’t like being long of gold. I don’t like the gold bugs,” he said, affirming his allegiance to CNBC producers. “I’m not a believer that the world is coming to an end.”
“Nonetheless the trend in gold in all sorts of currencies, whether in dollar terms, euro terms, yen terms, has been…from the lower left to the upper right,” he stated, contradicting his previous assessment that gold’s chart pattern indicates a bear market in the precious metal.
Gartman, a gold bug? No. Mr. Gartman is a sophisticated man, with all of his teeth and education to prove he is no rube who owns at least a shotgun. Moreover, he sports a beard to match Bernanke’s and Krugman’s—the Smith Brothers trio of the Church of Keynes.
“They genuflect in gold’s direction; we merely acknowledge that it exists as a trading vehicle and nothing more. There are times to be bullish, and times to be bearish … to every season, as Ecclesiastes tells us,” stated Gartman.
However, Gartman neglected to quote Deuteronomy, Genesis and Revelations, all of which tell us that he is as full of bull as Bernanke and Krugman are.
Deuteronomy 23:19 Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury.
Genesis 2:12 And the gold of that land is good: there is bdellium and the onyx stone.
Rev 3:18 I counsel thee to buy of me gold tried in the fire, that thou mayest be rich; and white raiment, that thou mayest be clothed, and that the shame of thy nakedness do not appear; and anoint thine eyes with eyesalve, that thou mayest see.
Ultimately, when the dollar collapses and gold can’t be pried loose from the public at $5,000 per ounce (400,000, in yen terms), Gartman can be expected to start quoting Romans 13 in his newsletter. Sign-up for my 100% FREE Alerts