SEATTLE (ResourceInvestor.com) -- In Monday’s edition of The Gartman Letter, Dennis Gartman told subscribers, large hedge funds and securities companies, that he is abandoning his long held bullish outlook on gold this morning.

He noted “that the relative strength of the market has been waning since early this year ... a circumstance that has bothered us but which we were willing to overlook so long as new highs were being made. They are no longer ... and as the market fails in that manner, it has broken this well defined bullish trend line and it failed ... miserably ... on Friday. It has bounced today, and we shall sell that bounce and exit ... entirely!”

On Friday, Gold for June delivery dropped $27.70 to end at $915.20 an ounce on the New York Mercantile Exchange. New York spot gold dropped sharply, falling $27.50 to $911.80 bid.

“Friday's ‘action’ was horrid ... absolutely, unequivocally horrid. Good bull markets do not fall in the manner that gold, silver, platinum and palladium fell Friday. Bad ones do; or over-extended ones do; or markets too heavily laden by public participation do; but good, well founded, well established, inherently strong markets don't. The precious metals gave up and broke hard on the smallest strength in the U.S. dollar, and we are fearful what might happen on real sustained dollar strength?”

Gold for June delivery fell 40 cents to $914.80 an ounce on the New York Mercantile Exchange on Monday. Spot gold is currently down $3.00 at $913.20 bid per ounce.