Gartman's Outlook '08


Where’s the fast money in commodities next year? Find out from one of the Street’s most esteemed investors.

Strategic investor Dennis Gartman joins the panel for this conversation. Following is a summary of his main points.

What happened in the markets, Thursday?

It’s late in the year and I think anyone who made money was taking it off the table says Gartman. Also the assassination added a real geo-political concern.

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.

Favorite stock?

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