“I think one is going to do better by owning steel, owning copper, owning railroads, owning Apple, than one will doing being long of the gold market,” he said Tuesday. “Up until August of last year, gold seriously outperformed equities.”
U.S. gold futures dipped 0.7 percent to close at $1,594.80 an ounce, while spot gold closed down $12 at $1,592.96.
The noted economist and editor of The Gartman Letter said on “Fast Money” that the precious metal continued to lag and reiterated his neutral view on the trade.
Gartman made headlines when he announced that he had sold all the gold in his personal account, a move he said was justified.
“Gold has begun to seriously underperform equities, and I moved, rather shockingly, to the point of being out of the gold market and long of equities against the euro, and it’s been a wonderful trade,” he said.
Last week, Gartman predicted that the S&P 500 would outperform gold and global stocks.
For now, it would take significant trading action to get him back in the gold trade.
“We’ve seen reversals on charts before where you make a new low and then close higher on the day,” he said. “We’re going to have to see that sort of price action rather than price itself, or rather than some event.”
Got something to to say? Send us an e-mail at email@example.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 .
Trader disclosure: On Dec. 27, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Weiss owns EUO; Weiss owns AAPL; Weiss owns KO; Cortes is long K; Cortes is short EUR; Cortes is short XRT; Cortes is short CSX; Cortes is short UNP; Cortes is short IYT; Najarian has long call spreads in APPLE (AAPL); Najarian has long call spreads in AK STEEL (AKS); Najarian has long call spreads in US STEEL (X); Najarian has long call spreads in PNC FINANCIAL (PNC); Najarian has long call spreads in MICROSOFT (MSFT); Najarian has long call spreads in RIMM; Najarian has long call spreads in CNI; Najarian has long call spreads in CP; Najarian has long call spreads in NSC; Najarian is long CIGX; Najarian is long CBOE; Najarian is long CM; Dicker is long oil
For Doug Kass
Kass is long GS; Kass is long MSFT; Kass is long HD; Kass is long LOW; Kass is long F; Kass is long GM; Kass is long TROW; Kass is long BEN; Kass is long LM; Kass is long LNC; Kass is long ETFC; Kass is long IFF; Kass is long K; Kass is long STI; Kass is long XOM; Kass is long SLB ; Kass is long SHLD puts; Kass is short SPY shares
For Dennis Gartman
In my own account I am long of the S&P futures; long of the Canadian dollar; long of the Aussie dollar and long of Apple; I am short AMZN; short of the EUR and short of the Japanese Yen.
For Patty Edwards
Trutina Financial is long APPLE (AAPL)
Trutina Financial is long TGT
Trutina Financial is long SPDR GOLD TRUST (GLD)
Trutina Financial is long MICROSOFT (MSFT)
Trutina Financial is long UTILITIES SPDR (XLU)
Trutina Financial is long INTEL (INTC)
Trutina Financial is long COSTCO
Trutina Financial is long Platinum PGM
Trutina Financial is long T
For Skip Bronson
For Willie Williams
For Gene Munster
The following companies have been investment banking clients of Piper Jaffray during the past 12 months: ACOM, DANG, DRIV, MOBI, YNDX, YOKU
Other material conflicts of interest for Gene Munster or Piper Jaffray regarding companies in my universe for which I am aware include: DANG, MOBI, YNDX, YOKU: underwriting
Piper Jaffray received non-investment banking securities-related compensation from the following companies during the past 12 months: ACOM, DRIV
Piper Jaffray makes a market in the securities of the following companies, and will buy and sell the securities of these companies on a principal basis: AAPL, ACOM, AMZN, BIDU, DANG, DRIV, EBAY, GOOG, IACI, LOGM, MCHX, MELI, MOBI, PRTS, RLOC, SINA, SOHU, VCLK, WWWW, YHOO, YNDX, YOKU