What’s your position in gold?
I’ve been bullish of gold for several years, Gartman replies, and I continue to be bullish. It’s the currency to which money flows to in periods of concern and we’re in a period of concern.
But gold prices are astronomical?
I think we may well have prices at $1,000 in a year or two, Gartman says. Are we going to get there in 6 months? I doubt it. But gold’s trend has been clearly upward. Gold is the currency of choice and I see no reason why that should change.
How about oil?
I really have no position in crude, Gartman says. If I had to take (a position) I’d rather be a buyer than a seller but you’d have to hold a gun to my head to make me take a position.
What’s your outlook for soybeans and wheat?
The grains markets have been very strong for the past year and a half, Gartman says. Now, with the government telling us that we need to use a huge amount of corn for ethanol the trend is very likely, upward.
Potash . It is fertilizer play because everyone involved in agriculture needs fertilizer. The stock just keeps making new highs. We sold shares into Thursday’s strength, but if it comes down $10-$15 dollars I’d be a buyer again. In a world that needs more grain, farmers will need more fertilizer and I think Potash is a good place to get it.
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Trader disclosure: On Dec. 27, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (YHOO), (INTC); Najarian Owns (C), (CSCO), (MS), (MSFT), (BIIB); Najarian Owns (YHOO) Options; Najarian Owns (CSUN) Options; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (FLS); Finerman's Firm Owns (PLCE), (SKS), (VLO), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (SPY), (IWM), (SPG), (TCO); Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (MDY) Puts And Is Short (MDY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; NBC Universal Is The Parent Company Of CNBC; Gartman Owns (POT); CIBC Gartman Index Owns Gold, Corn