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Dennis Gartman: Selling Gold Wrong and Ill-Advised

Trading gold over the past month has not been for the faint of heart. The precious metal has been all over the map.

Considering the treacherous environment, for insights we turned to one of the best gold traders we know, esteemed commodities trader Dennis Gartman..

And he tells us he was dismayed by the sell-off earlier in the week, “it was wrong and ill-advised,” he says.

Gartman also tells us he thinks the weakness may be related to end of quarter maneuvering.

“I think some of the sell-off may have been due to liquidation by investors who own gold in terms of yen; the yen got stronger into the end of the quarter.”

But when the new quarter begins Gartman thinks long-term dynamics will come back into play for gold. “The major trend remains in gold’s favor,” he says. And that trend remains from the lower left to the upper right.

In fact, Gartman adds, "I'm very impressed by the manner in which gold has responded (Friday). Gold has begun to quietly work its way higher. That's impressive. (Long-term) I like gold,” he says. “The sell-off has run its course."

What do you think? We want to know!

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Trader disclosure: On Mar 30, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Dennis Gartman is long DSX; Dennis Gartman is long LMG; Dennis Gartman is long FRO; Dennis Gartman is long GOLD; Dennis Gartman is short S&P FUTURES; Dennis Gartman is short YEN; Patty Edwards is long for clients TAL; Patty Edwards is long for clients AAPL; Patty Edwards is long for clients GLD; Patty Edwards is long for clients INTC; Patty Edwards is long for clients JOY; Patty Edwards is long for clients SBUX; Patty Edwards is long for clients COP; Patty Edwards is long for clients VLO; Patty Edwards is long for clients AMZN; Patty Edwards is long for clients PEP; Patty Edwards is long for clients PVH; Patty Edwards is long for clients LECO; Patty Edwards is long LECO

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