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Extremely bearish on gold at the moment, Dennis Gartman spoke to us from the 2012 New Orleans Investment Conference about why he is out of the gold market at the moment, holding only a “core” position which he says is extremely minimal in comparison to his past gold holdings, and even that small of a position makes him uncomfortable.. According to Gartman, too many people are misunderstanding what the FED is doing and not paying attention to the “key data point”, which he feels is the Adjusted Monetary Base, which indicates what the FED actually owns. Gartman feels that gold is overbought on the misconception that the FED is “easy”, which he says it is not, indicated by the almost sideways chart of the most recent Adjusted Monetary Base releases. Furthermore, he feels a sharp break is coming, especially if gold should fall to $1,700 this week, and especially if gold doesn’t get support from Diwali demand. Kitco News, November 1, 2012.
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