What Dennis Gartman has to say about gold manipulation, silver and Janet Yellen...

 

DENNIS GARTMAN joined me on BullionVault’s New York Markets Live this week, says vice-president for business development Miguel Perez-Santalla.

 

Gartman had much to share on New York Markets Live. Which is no surprise. I've worked on many trading desks where the first thing people say in the morning is "Did you hear what Dennis Gartman had to say?"

 

Well "I am becoming quietly bullish on gold," is what he has to say right now. 

 

"Gold is looking interesting to me for the first time in a long while," Dennis Gartman told me. But to maximize upside, "You want to be long in gold in the currency that is the most expansionary," using a currency trade to switch your Dollar position into "the most expansive of all...Japan.

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"I'm not one who falls for the thesis that there is manipulation in the gold market," Gartman said, "or there is no gold out there for delivery.

 

"Gold supplies are tight, but I am not that concerned about it."

 

While he's looking at gold in non-US Dollar terms however, and particularly the Yen, Dennis Gartman avoids trading silver because of its volatility.

 

Talking with me about the equity, fixed income and commodities markets, the creator of The Gartman Letter – Dennis' highly respected daily commentary on the global capital markets, distributed to subscribers each business day – also gave the new Fed chair Janet Yellen a passing grade for her first appearance before Congress.

 

"She was quite boring," said Gartman. "And that’s as it should be. She confirmed that the Fed will continue to reduce quantitative easing by $10 billion a month as long as the data supports it."

 

Gartman said that there are three ways to behave in a bull market – really long, reasonably long, and neutral. Recently, he was neutral of stocks but he's switched to reasonably long. Because "you can't predict when a bull market is over until six months later."