GO
Loading...

Gold Rush?

Gold rallied Monday following a steep decline last week.With the dollar appearing to stabilize, what should you do?

Strategic investors Dennis Gartman, author of The Gartman Letter joins the panel for this conversation. Following are excerpts.


You’re bullish on gold?

Yes, I was very impressed by the fact that gold went up, Monday even as the dollar got stronger says Gartman. You want to buy the things that are going up, even when the news is bearish.

But you’re short of ConocoPhillips (COP)?

Yes, Gartman says. As well as Exxon-Mobil (XOM). But I’m long Petrobras (PZE) in part because of the recent oil find off the coast of Brazil. Also, I’m concerned about American oil companies facing new taxes after the ’08 elections.

What other trades you got going?

We’re long grains and have been for a while. And we’re heavily short retail stocks including Coach (COH),Tiffany (TIF) and Harley Davidson (HOG).

Would you buy grain companies?

Yes. We’re long Monsanto (MON) and Potash (POT). That’s an outside way to play grains if you don’t want to buy futures.

Symbol
Price
 
Change
%Change
COH
---
COP
---
HOG
---
MON
---
POT
---
TIF
---
XOM
---

______________________________________________________
Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to fastmoney@cnbc.com.

Trader disclosure: On Dec. 3, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (DIS), (COH); Najarian Owns (ETFC); Najarian Owns (COP) Options,(HANS) Options, (TSL) Options; Finerman's Firm Owns (SKS), (TSO), (WMT), (CROX), (KSS); Finerman's Firm Owns (MSFT) Options; Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (AEO); Finerman's Firm Is Short (BIG), (LEN), (MBI), (SPY), (IYR), (IWM), (IJR); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firim Is Short (MDY) And Owns (MDY) Puts

Dennis Gartman
Gartman Owns (MON), (POT), (PBR), Gold; Gartman Is Short (COP), (XOM), (COH), (TIF), (HOG); CIBC Gartman Index Owns (USO), Gold, Crude Oil, The EUR

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET

Halftime Report