…says Gartman. From Forbes entry in the 'Running of the Goldbugs, 2012' sweepstakes:
Bernanke delivered the fatal blow to gold’s ten year bull market, according to Dennis Gartman. Gold has been in bear territory since the summer of 2011, when it topped out above $1,900 an ounce, with the latest post-FOMC sell-off inflicting irreparable technical damage, he says.
Well close Dennis. But let's fine tune a little: Unbridled panic-fueled momentum drove gold unsustainably higher as it took a mini blow off and very predictable correction. Gold is not broken in its secular bull market (and not necessarily even the cyclical one out of 2008) by any rational technical parameters. Not as of this writing and thus, not as of your little Forbes piece with the alarmist headline. 'Irreparable technical damage' Dennis? Where?
Greetings from it's-still-dark-outside Palo Alto.
I was pleased this morning to see that even with the completely manipulated bucket o' hokum from the government (that is, the jobs report), disappointment was the main course. With 80 positions (79 of them short), I have a vested interest in such things.
If the market were open today, I confess I'd be inclined to cover quite a bit of these, largely because 1370 has been my stated short-term target for a while. The low, as I'm typing this, was 1372 on the /ES, and that's about close enough for me.
I still think we could see 1350 in the coming weeks (and, yes, it's sad that I have these miniscule targets as my most ambitious goals, but the Fed isn't packed with fellow Methodists looking to help a brotha out). Obama and Bernanke will sell this country down the river until election day, so we have to be realistic and take our bearish morsels in small bites.
Facebook goes public next month, after all. They have to keep this house of cards standing for a while in behalf of kith and kin.