Spot gold was up at $1,604 per ounce, on track for its largest one-day increase since Nov. 7. U.S. gold futures were up $38 at $1,604 per ounce. Shares of GLD, the gold ETF, traded at $156.
“If gold’s good, it’s not going to give Dennis a chance to get back in. It’s sort of like, if everyone can get in, then why bother?” said Mark Fisher, founder and CEO of MBF Clearing Corp. “Markets that are really good, stocks that are really good, positions that are really good, you get one chance.”
“Fast Money” pro Jon Najarian said he would wait for a pullback below the gains GLD made over the past four days.
“That’s the level that I’d look for it to break before you try to reload, and that is basically to break through $149 again,” he said. “I don’t know that it does.”
Dennis Gartman said that agricultural commodities — and copper — were worth a look.
“I think the most important thing to look at, though, is what’s going on in the grain market. You’re leaving gaps behind in everything,” he said, noting that beans, corn and wheat were holding gains. “I think you’ve got something going there that might for a period of time.”
Copper, too, provided another signal.
U.S. copper futures were up 2¾ percent at $3.53.
“The strength in the base metals is telling you that the global economy is in better condition that people thought it was,” Gartman said, adding that there were probably too many people who where short. “All I can tell you is you don’t want to be short of it right now.”
Brian Kelly wasn’t a buyer.
“As China goes, copper will go,” he said. “China buys about 40 percent of the global supply in copper, so if you feel like the Chinese economy is reaccelerating that’s where you want to be. I myself personally will wait on copper. I think you can have a much better opportunity buying U.S. stocks.”
Kelly added that seasonal effects and China’s reliance on exports to Europe made him skeptical of an economic rally for China.
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Trader disclosure: On Jan. 3, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long (VRTS); Terranova is long (IBM); Terranova is long (LQD); Terranova is long (MUB); Terranova is long (EMC); Terranova is long (CSCO); Terranova is long (AXP); Terranova is long (SBUX); Terranova is long (CSX); Terranova is long (APC); Terranova is long (XOM); Terranova is long (TRLG); Terranova is long (TRLG); Terranova is long (SWN); Terranova is long (V); Terranova is long (SU); Najarian is long (CIGX); Najarian is long (CME); Najarian is long (CBOE); Najarian is long (ANR) call spreads; Najarian is long (AAPL) call spreads; Najarian is long (CNX) call spreads; Najarian is long (CSCO) call spreads; Najarian is long (ACI) call spreads; Najarian is long (GS) call spreads; Najarian is long (RES) call spreads; Najarian is long (DVN) call spreads; Najarian is long (RIMM) call spreads; Najarian is long (MDR) call spreads; Najarian is long (LULU) call spreads
For Brian Kelly of Shelter Harbor Capital
Kelly is long (IWM)
For Mark Fisher of MBF Clearing Corp
* No disclosures
For Dan Dicker of Mercbloc, LLC President
Long Oil futures
For Andrew Burkly of Brown Brothers Harriman
BBH does not act as underwriter, market maker or maintain a proprietary trading book, but it may beneficially own securities covered in this material through various investment funds for which it serves as investment manager and/or sponsor. BBH’s partners and employees may own securities covered in this material and/or may make purchases or sales while this material is in circulation. BBH and its affiliates provide investment banking services, investment management and advisory services, securities brokerage services, and non-securities services. The reader should assume that BBH and its affiliates receive compensation for such services. BBH does not compensate its research professionals based on investment banking transactions. The research professional(s) responsible for preparing this material receive compensation based upon various factors including BBH’s total revenues, a portion of which is generated by investment banking
For Brian Marshall of ISI Group
DISCLOSURE: Neither ISI nor its affiliates beneficially own 1% or more of any class of common equity securities of the subject companies referenced in this Report. No person(s) responsible for preparing this report or a member of his/her household serve as an officer, director or advisory board member of any of the subject companies. Neither ISI nor its affiliates have any investment banking or market making operations. At various times these reports mention clients of ISI from whom ISI has received non-investment banking securities related compensation in the past 12 months.
For Dennis Gartman of The Gartman Letter
Long Canadian dollar, aussie dollar, Long Soybeans
Short Euro, and Japanese Yen
For Rebecca Patterson of JP Morgan Asset Management