Dennis Gartman: Gold Traders Should Heed Fed

After the latest Fed statement, commodities trader Dennis Gartman reveals the important takeaways for anyone trading gold or silver.

“The Fed has effectively taken QE3 off the table for at least another month and probably for the foreseeable future,” Gartman says. “And they have said inflation remains subdued.” That's what precious metals traders must know.

In other words, two bullish catalysts are out of the gold market; there’s no reason for gold bugs to buy gold as an inflation hedge and there’s no reason for currency traders to buy gold as a weak dollar trade.

“Gold was trading $1640 right before the report and then it fell all the way down to $1626 after,” says Gartman. That's telling you something.

Trader Steve Cortes believes the same theme applies to silver.

“I don’t think the Fed does a thing with QE3 before the election. And you can see it from the action in silver. It broke below $30 for a time.”

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Trader disclosure: On Apr 25, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in INTC; Jon Najarian is long call spreads in IBM; Jon Najarian is long call spreads in ANF; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in CRUS; Jon Najarian is long call spreads in BRCM; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long CGIX; Jon Najarian is long DDMG; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long JNPR; Joe Terranova is long NXPI; Joe Terranova is long JPM; Joe Terranova is long JOY; Joe Terranova is long HPQ; Joe Terranova is long LQD; Steve Cortes is long MO; Steve Cortes is long RGR; Steve Cortes is long DEO; Steve Cortes is long PFE; Steve Cortes is long ZSL; Steve Cortes is long SO; Steve Cortes is long PPH; Steve Cortes is short XHB; Steve Cortes is short AAPL

For Stephen Volkmann
Stephen Volkmann, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

For Jim Iuorio
Jim Iuorio is long TBT

For Walter Piecyk
Nothing to disclose

For Dennis Gartman
Dennis Gartman is long GOLD with wires.