The Phaserl


Why Is Anti-Goldbug Dennis Gartman Getting into Gold?

by Brian Sylvester, The AU Report

The Gold Report: Dennis, in late July, you told CNBC that you’re a “buyer of gold” after being what amounted to the grand marshal for the gold bear parade. Why did you change sides?

Dennis Gartman: Simply because the gold bear parade had gotten a bit overcrowded. It was actually quite astonishing to me. Everybody was overtly and manifestly bearish of gold. If I’ve learned anything in 40 years, it’s that when things get terribly one-sided, it’s probably time to go to the other side. Gold had reached some technical levels that I found interesting, but more important, it had reached a level of psychological bearishness that pushed me off the sidelines, off from being bearish of gold, to being bullish.

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