Gold Nowhere Near Its Low: Dennis Gartman

Investors can't be too bullish on gold or copper, commodities trader Dennis Gartman says.


Dennis Gartman: you can't find yourself being too terribly bullish of any ought metals at this point. copper clearly has fundamentals facing it. without the fed, you got problems. you took copper down the morning, however, to what i used to call the obscene number. you took it down to below 3 cents, $3 per pound. you might. you might be making a low here. but i would not press that issue. gold, on the other hand, i think is nowhere near making a low. i think gold wants to go demonstrably lower, still. it needs, as i always said, gold needs fuel. it needs a lot of fuel, more fuel, monetary aggressiveness to push it up. and it doesn't have that as far as the ecb or the fed is concerned. it only has one friend in the bank of japan and if you are going to be long of gold the only way is to be long in yen terms. but anybody who holds gold in dollar terms finds himself in a very uncomfortable position