From today's Gartman Letter.......(8-24)

"Turning then to gold, of which we are bullish, but of which we are bullish thus far only in terms of the EUR and which has served us rather well of late for it has kept us from panicking as gold in US dollar terms fell from $960 to $930 in recent weeks, we not that the last quarter of the year tends to be a period of stronger buying on the part of India which remains the world’s largest buy of golf. Something odd has been happening of late in the gold market, and that is that GLD has been under-performing the gold stocks themselves. Through ’07 and ’08 and even into earlier this year when we talked about gold here we always talked either about the gold futures, or far more often than note we talked about GLD, for we said time and time and time again that when we wished to be long of gold we wished to keep the trade as simple as possible and wanted exposure only to gold, not to gold equities. We maintained that position simply because we did not want exposure to the vagaries of gold mining; that is, we preferred not to awaken to news of some mining incident, or some ill-advised mining operation that proved to be uneconomic, or to some news of malfeasance on the part of a mining firm’s management et al. As we’ve said countless times, “If we want exposure to gold we want exposure only to gold and not to the vagaries of mining.” Through ’07 and ’08 and into early ’09 that was the wise course of action, but since the end of the 1st quarter of this year that has proven to be the wrong advice. Better it would have been to own ASA, or NEM or even Agnico-Eagle, for they’ve very seriously out-performed GLD.

Since late last year, for example, the ratio of GLD: ASA has gone from 2.3:1 (that is, in simple price terms, GLD sold at 2.3 x’s as much as ASA last November) to 1.4:1, and that is not an inconsiderable change. The same “ratio” changes have taken place in GLD vs. most other major gold mining companies, and we’ve missed that shift… at least thus far we have. These relationships often take years to play out, for indeed it was years as the spot price of gold… or the NYSE traded price of GLD… ran ahead of the price of the major gold mining firms, and now that the trend seems to be in favour of the gold miners once again, it may take further years for this “trend” to play out. Thus, in the past when we erred upon the side of owning GLD, in the future we will err upon the side of owning ASA, and NEM, and Agnico-Eagle et al."

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Additionally, we have this from Seeking Alpha.... DG has started a hedge fund.

Dennis Gartman's River Crescent May Not Be as Peaceful as It Sounds

http://seekingalpha.com/article/157883-dennis-gartman-s-river-crescent-may-not-be-as-peaceful-as-it-sounds