GO
Loading...

Dennis Gartman: 'I Sold All Gold in My Personal Account'

Tuesday, 13 Dec 2011 | 5:56 PM ET

Once again Dennis Gartman is making headlines with his call on gold.

"The market is saying we need to be sellers!" the strategic investor and CNBC Contributor tells us. ”Gold is not acting well."

Gartman turned bearish over only the past few days largely due to concerning technicals. “The highs made in September were demonstrably above the October highs which were above the current highs. And we’re breaking trend lines.”

In other words the gold charts are making a series of lower highs – a bearish sign and something many chart watchers considers quite telling. ”Listen when the market talks to you,” Gartman says.

And Gartman is putting his money where his mouth is. He’s sold all the gold in his personal account.

You probably know all that - Gartman's call got a lot of attention across all media. But what you might not know is that he only suggests re-thinking your position - if you're a trader.

"Gold could move lower by $150 in the twinkle of an eye, and that’s too much for me!" he says as a pro who moves in and out of positions with ease. "But that won't destroy the long-term bull move."

Now if you're a long-term investor that last sentence was very important. Gartman is making a trading call. He still thinks the long-term bull trend remains in tact - with gold still moving from the lower left to the upper right.

If you have a time horizon of a year or more, you don't need to do a thing. However for traders, "it’s time to be neutral."

-----

As you might remember Dennis Gartman made a similar high profile call back on August 24th – and it turned out to be prescient.

”I pay great attention to something technicans call an outside reversal – that is, the market made an all-time new high – closed on the lows of the day – then closed below the previous day’s lows. If you don’t pay attention to that and don’t liquidate you’re going to find yourself in a lot of trouble.”

Since August 24th gold is down well over 10%.

----------------------------------------------------------------------

> NEW SLIDESHOW: Slo-o-o-w Money, 10 Top Stocks for the Long-Term Investor

----------------------------------------------------------------------

Gartman: Gold 'Bull' is Dead
Calling the death of gold's bull run, and the beginning of a gold bear market, with Dennis Gartman, The Gartman Letter.





______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.


Trader disclosure: On December 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen is long PLCM; Karen is long GOOG; Karen is short SPY; Tim Seymourhas positions in AAPL, BAC, INTC; Joe Terranova is Long VRTS; Long LQD; Long MUB; Long IBM; Long EMC; Long SBUX; Long SU; Long CAT; Long SWN; Long TRLG; Guy Adami is Long C; Long GS; Long INTC; Long MSFT; Long AGU; Long BTU; Long NUE; Jon Najarian is Long CBOE; Long CME; Long GIGX; Long AAPL call spreads; Long CSCO call spreads; Long TRGT call spreads; Long PAAS call spreads; Long MBIA call spreads; Long NTRI call spreads

Karen Finerman
Fund is long AAPL
Fund is long JPM
Fund is long IBM
Fund is long MSFT
Fund is long PLCM
Fund is short SPY
Fund is short IWM
Fund is short RTH
Fund is short MDY
Fund is short IBM calls|
Fund is short AAPL calls
Fund is short MSFT calls

For Dennis Gartman
Long Equities in EUR terms
Long crude oil futures
Long Canadian dollar
Long Asian short term govt. bond
Short S&P 500
Short FTSE 100
Short Euro Stoxx 50 futures
Short Euro
Short Pound Sterling
Short Japanese Yen

For Brian Marshall
* No disclosures

For Paul Sankey
Important conflict disclosures can also be found at
https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com.

For Ed Aaron
* No disclosures

For Diane Swonk
* No disclosures

CNBC.com with wires.

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report