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
Thursday, June 27, 2013
Gold Trade Chills After Hot Drop
Gold prices hang around the flatline following Wednesday's selloff. The Hard Assets Alliance's Ed D'Agostino tells Joe Deaux what to do now.
Let's get physical: GOLD refiner Baird's take on the Market
Episode 136: Alasdair Macleod interviews Tony Baird of Baird & Co. Ltd (www.goldline.co.uk/) -- a London-based Bullion Merchant, refiner and member of the London Bullion Market Association.
Tony discusses the scrap market supply for both gold and silver and how "cash for gold" businesses have contributed to this market in the last few years.
He then details how busy they were during the price dip in April and just who was demanding physical gold and causing backlogs at all the major refiners. A boots-on-the-ground view from the physical bullion market that sheds fascinating light on the refining business and the recent supply and demand for physical gold.This podcast was recorded on 25 June 2013.
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