Considering the current run, how likely is it that gold and other commodities can go even higher?
Strategic investor Dennis Gartman, author of the Gartman Letter joins the panel for this conversation.
What’s going on with oil?
You can blame Wednesday's jump on inventories collapsing, says Gartman. The whole world was expecting to see them rise and the numbers caught investors off guard.
Would you buy oil, now?
The trend is from the lower left to the upper right. I think demand will continue to remain strong long-term, he replies.
How about gold?
The dollar has broken strategic levels against the euro. As long as the dollar continues to weaken and grain prices continue to strengthen, gold will likely go higher. I think the trend in gold is higher, Gartman concludes.
Your thoughts on corn and other grains?
Farmers are having trouble getting corn into the field because of rain, explains Gartman. I expect corn will go higher as well as soybeans. However, it appears wheat may have topped out.
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Trader disclosure: On Apr .9, 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), (AMR), (BIIB), (CSCO), (NOK), (TSO), (XLF), (YHOO), (EMC), (WLT); Najarian Owns (CHK) Calls, (COP) Calls, (MSFT) Calls, (SLB) Calls; Najarian Owns (LEH) Puts, (OIH) Puts; Macke Owns (YHOO), (INTC), (DIS), (MSFT); Seymour Owns (AAPL), (BX), (CHL), (CSCO), (INTC), (MSFT), (SBUX), (TSO), (TIE); Seygem Asset Management Owns (COP)
CIBC Gartman Index Owns Gold, Corn, Soybeans, Natural Gas, Copper, Aluminum, Sugar, The EUR
CIBC Gartman Index Is Short Crude Oil