After 7 straight years of gains, is the $1,000-topping run in gold over?
The following could be indicators that gold has topped…
1) Central Florida dealers say they have been selling out of metal detectors as people hope to find gold treasure.
2) Cash America (CSH), the world's largest pawn shop is up 6% year to date.
3) The amount of small miner permits issued in Alaska has increased 35% in the past 5 years.
Strategic investors Dennis Gartman, author of the Gartman Letter, joins the panel for this conversation. Following is a summary of his main points.
What do you make of the gold trade?
It’s amazing what happened in gold, says Gartman. I had been bullish of gold but now I’m so scared of what’s going on, I’ve cut back my positions by about 95%. There’s liquidation going on everywhere. There’s panic in the air.
I wouldn’t be surprised if gold drops into the $800’s, he adds. There really isn’t much support until about $850.
Are you shorting oil?
I thought about it and if I were to trade it, I’d be a seller.
Any thoughts for investors?
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Trader disclosure: On Mar.19, 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), (CSCO), (MCD), (MS), (MSFT), (NOK), (XLF), (YHOO), (C), (IDCC); Najarian Owns (BSC) Calls, (TSO) Calls, (CCU) Calls; Najarian Owns (LEH) Puts; Macke Owns (YHOO), (INTC), (DIS), (EMC); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (S), (SBUX), (TSO); Seygem Asset Management Owns (CHL), (EEM); Seygem Asset Management Owns Gazprom; Gartman Owns (COIN), (SDS), CIBC Gartman Index Owns Gold, Natural Gas, Wheat, Corn, Soybeans Sugar; CIBC Garmtan Index Is Short S&P 500