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Gold Trade ‘Disconcerting’: Dennis Gartman

Tuesday, 4 Dec 2012 | 6:02 PM ET

Central banks might be to blame for gold's drop, commodities trader Dennis Gartman said Tuesday on CNBC.

Gold Trade 'Disconcerting': Dennis Gartman
Central banks might be to blame in the current action in gold, commodities trader Dennis Gartman says.

"It's been a devastating gold trade since the start of December. It looks exactly like last December, when gold went into the dinger. It rallied in January, but you've got a lot of people who are long of gold," he said.

"I must say, the fact that we broke down as hard as we did on Monday and broke down again today is very disconcerting."

Gartman, who said he holds long positions in gold, added that France and Italy's central banks were selling off their gold holdings, which accounted for the downward price action in gold.

"It's December, lots of people taking profits," he said.

Trader disclosure: On Dec. 4, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long on BAC; Tim Seymour is long on INTC; Tim Seymour is long on SBUX; Dennis Gartman is long on S&P; Dennis Gartman is long on MAT-OAS; Dennis Gartman is long on AUSSIES; Dennis Gartman is long on CAMS; Dennis Gartman is short on 10-year MOTES; Dennis Gartman is short on CRUDE; Dennis Gartman is short on YOM; Keith McCullough is long on XLU; Guy Adami is long on C; Guy Adami is long on GS; Guy Adami is long on INTC; Guy Adami is long on MSFT; Guy Adami is long on NUE; Guy Adami is long on BTU; Guy Adami is long AGU.

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