Surprise! Gartman Is Bullish On Gold Again

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Newsletter writer Dennis Gartman? picked a good day to announce to the world that he was buying gold again, that is, the day before the price of the metal surged more than $50 an ounce. From Reuters comes this report that, in hindsight, makes him look like a genius.

Oct 24 �C Independent investor Dennis Gartman says he is prepared to buy back the gold he sold when he cut his holdings in half last week, adding prices would certainly move upward.

"In light of the fact that gold is back to the levels that we sold last week, we thought it wise to be on guard and prepared to buy back that which we had sold," Gartman said on Tuesday in his newsletter, the Gartman Letter.

On Oct 18, he cut his gold positions by half to take profits, citing bearish technical signals and prospects of margin call selling.
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"Gold is a currency; it has been for years and it shall be for years going forward. A move upward through ?1,200 for gold today or tomorrow or this week or next shall be impressive and important," he said in the newsletter.

Of course, you really don't have to sell your gold and then go about trying to buy it back at a lower price in order to come out ahead at this game �C and I mean, way ahead.

The metal has had an amazing run �C up an average of 20 percent! per yea r over the last ten years with the worst performance being a gain of about 6 percent in 2008 �C and there's no reason to think that's going to change anytime soon given the financial problems that still plague Europe and the U.S.

But, you don't sell many newsletter subscriptions just telling people to buy gold and hold it.

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