GOLD is now the world's “third reservable currency” according to a leading market analyst and advisor, growing in strength as the Euro – second to the US Dollar – weakens.
Speaking to CNBC on Wednesday morning, Dennis Gartman – editor of the eponymous and closely-followed $5000-per-year advisory letter – said that investors should own Gold Bullion “because of geopolitical risk and because it's becoming a reservable asset” for central banks and other government players to hold in their strategic portfolios.
Admitting that he doesn't own “a lot of gold”, and explaining that his Gold Investment is in fact a synthetic Euro-gold position since he is “bearish” on the single currency, “Gold continues to quietly move from the lower left to the upper right on the charts,” says Gartman.
In mid-May, Gartman advised his clients to "rush to the exits" short-term as gold peaked around $1246 an ounce – a level it then reached and breached a month later. Longer-term, he told CNBC in late June, gold has yet to make a “parabolic move” typical of secular bull markets such as Gold Bullion in the 1970s and the Nasdaq tech-stock index in the '90s, currently pegging it around 10 years into a 14-year pattern likely to end with massive gains.
Hedge-fund legend George Soros, who said that buying early in a financial bubble is “rational” after calling Gold Bullion “the ultimate bubble” earlier this year, now holds gold as the largest single position in his Soros Fund, according to US filings.
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