Friday, August 28, 2009

Gold War

From FT Alphaville:

Dennis Gartman, of the Gartman Letter - and who recently established a hedge fund, River Crescent, to put to work the buy and sell recommendations he publicises in his daily note - issued an interesting view on gold on Friday.

First, he presented the following chart of spot gold:

Gold chart - Gartman Letter

To which he commented (our emphasis):

The trading range is drawing down tighter and tighter as the bullish and the bearish forces face each other in the trenches at ever closer range. Soon one side shall have the other on the run; we’ll join the winning side, allowing others to be braver than we.

According to Gartman, therefore, there’s a bit of a gold war being staged between some sizable but unidentified forces....MORE