WELL-KNOWN investor Dennis Gartman – publisher of The Gartman Letter – says he is now "neutral" on Buying Gold.
"I've been bullish on gold, on balance, for five years," Gartman said in an interview with Index Universe.
"There were times when I got neutral on it, but on balance I've been bullish on it. But quite honestly, since November of the past year, I've been neutral."
Despite his current neutral stance, Gartman does not necessarily see the bull market as being over, but at present he is not tempted by the idea of Buying Gold.
"The bull market is probably still extant," he says, "but it doesn't act all that bullishly, and it hasn't enticed me to come back in. So, I'm not bearish on gold, I'll just let other people trade it."
Rather than Buying Gold, Gartman says he is looking at other opportunities.
"At this point, he says, "rather than owning hard assets like gold, I'd rather own hard assets like US Steel or Norfolk Southern Railway or some shipping companies."
Gartman made headlines in August last year when he announced he had sold much of his gold position shortly before a sharp fall in the Gold Price. He made a similar call in December when he said he had sold all the gold from his personal account – again before a drop in prices.
Gartman's frequent and variable announcements on gold have led some commentators to conclude he is commenting on the virtues of Buying Gold as a short-term trade, rather than as a long-term investment.
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