Fast Money

Monday - Friday, 5:00 - 6:00 PM ET
Fast Money

Records Made to be Broken

With $1,000 gold and $110 oil, can commodities maintain their record pace?

It’s a mixed bag, according to Dennis Gartman, commodities trader and author of The Gartman Letter. Gold could be slowing down temporarily, he said. He certainly wouldn’t build a position at these levels. If you want to buy gold, Gartman would wait for a pullback.

On the other hand, the agriculture commodities like wheat, corn and soybeans show no signs of stopping their runs. As long as the country is using ethanol as a fuel source, there will likely be a supply issue with corn. We just can’t produce enough to feed livestock and provide ethanol, he said.

Tomorrow's Trades #1

Stocks like Monsanto , Mosaic , Potash and Agrium are all ways to play this side of the agriculture boom, according to Gartman. Even after these stocks have ramped, he still doesn’t see enough people “aggressively buying” them. And some – like POT, according to Guy Adami – still seem cheap even after their big runs.

Oil, though, is a riskier bet even though it tests new highs on a daily basis and shows no obvious signs of pulling back. People should understand that if President Bush released some oil from the Strategic Petroleum Reserve, or even just stopped filling it up, crude prices would drop $15 to $20 immediately. Doing that would allieviate stress to the consumer, too, and would be, according to Gartman, a better and easier way to stimulate the economy than the current federal package.

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

Trader disclosure: On Mar. 13, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (AAPL), (BIIB), ( C), (CSCO), (MS), (YHOO), (MSFT); Najarian Owns (FNM) Puts; Najarian Owns (DNA) Calls, (COP) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (AAPL), (AEO), (FNM), (MSFT), (TSO), (VLO), (WMT), (YHOO), (SUN); Finerman's Firm Is Short (IJR), (IYR), (MDY), (SPY), (IWM), (COF), (LEH); Gartman Owns (COIN), (PBR), (GLD), (GWR), (SJT), (DE), (NFLX), (CQB), (SDS); Gartman Is Short (GM), (DRYS), (GOOG), (CME), (WFMI), (SWY), (ING); CIBC Gartman Index Owns Gold, The Euro, Sugar; GE Is The Parent Company Of CNBC