From today's Gartman Letter...... (10-9)

"Turning to gold, it is weak this morning, and why not? After the run that it has had, why can it not correct a bit? We wrote yesterday that we’d never had quite so many interviews requested of us concerning gold, and that in the past when the interview requests had reached this sort of fevered pitch, an interim top was almost always hard upon us. Indeed, when we were interviewed on CNBC’s great show “Fast Money” Tuesday evening we said precisely that; that the fevered pitch of requests for interviews was so high that we thought it wise to perhaps write calls against gold positions we held… even though already hedged by owning gold in Sterling and/or EUR terms. We were doing exactly that here, and we thought it wise.

Interestingly the gold bugs took us to task for noting the correlation between interim short term tops in gold and interview requests, with some of the “Bugs” quite literally scoffing at our comments on CNBC. The price then was $1054/ounce as we spoke on television. Upon reading some of the “Bugs” admonitions we considered suggesting that they try a rather anatomically difficult sexual act upon themselves but then we thought better of it and moved on. We’ve heard nothing more from them, however, as the market has quietly moved lower since. A move toward $1010-$1020 seems more than reasonable, and sufficient, to shake the late longs from their positions and return a sense of health to that over-extended market."