From today's Gartman Letter...... (9-11)

Finally, gold is back near $1000/oz this morning, reflecting dollar weakness rather than gold market strength. The market continues to digest the news out of Barrick earlier this week, wondering if management’s decision (forced upon them, we are toldby their banks as much as it was their own decision) that the company had covered its remaining forward hedges, wondering if that marks a top, while noting that there are other mining companies such as Anglo Gold Ashanti that still have large hedge books to unwind. The bears argue that Barrick’s decision looks terribly like that of SEMGroup’s forced covering of shorts in crude oil last year that marked that market’s top, while the bulls argue that the weak dollar and the other miners who may also be forced to cover their shorts provide plenty of buying power to push gold higher. We “hear” both arguments and we are easily given to both.

We remain long of gold predicated in Sterling and EURs having covered half of those positions yesterday. We are comfortable with the remaining positions and shall welcome the weekend so that cooler minds can prevail and gold’s trend can reassert itself.