Thursday, October 7, 2010

Gartman Sees Further Gains for Gold

From Bloomberg:

Dennis Gartman, a fund manager and the editor of the Gartman Letter, said his worst investment this year was a bet on grain before a U.S. Department of Agriculture report last week that showed an unexpected jump in corn supplies.

Bullish on Gold

Gartman remains bullish on gold after the metal jumped to a record $1,351 an ounce today in New York.

“You should still be in gold,” he said. “The funds that I run, I am still long of gold. I am less long than I was. That’s about the only thing that I can say.”

Gold has surged 23 percent this year, heading for a 10th straight annual gain. Prices reached a record in 13 sessions since Sept. 14.

“When you have this kind of euphoria, this kind of excitement, you usually get corrections,” he said. “I wouldn’t be surprised if it fell $100 from here. Am I bearish of gold? No. I’m still bullish. I just think too many people have gotten involved.”

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