From today's Gartman Letter...... (11-25)

"COMMODITY PRICES WERE WEAK but they are not now, as the dollar is testing 1.5000 vs. the EUR, putting a strong bid into everything across the board this morning. Grains, after plunging yesterday, are rebounding. Cotton, having gone steadfastly higher, continues to do so. Energy, weak yesterday, is strong today, and perhaps most visibly of all, the precious metals are high and rising, with spot gold trading to $1180 as we write. There is disdain for the dollar in the air and that disdain is giving way to higher and steadily higher gold prices.

Depending upon how one accounts for the changes and in which centre one chooses to make that accounting, we are either now up eight or nine or ten days in a row for gold. Clearly it is over extended, and in some instances, egregiously, preposterously, illogically so. But then again, it seemed so several weeks ago, and yet it has gone to new and higher highs. The bull market will stop… and please write this down for we don’t want to be misquoted nor misunderstood… when it stops and not a moment before. We trust we are clear. All we know for certain is that $8-$12 movements intra-and interday are now the norms rather than the “Black swans.” Violent, erratic price movements are what we have to expect and become comfortable with.

The public’s interest in gold is high and rising, but it is not anywhere near the levels of panic buying we’ve seen in the past, and indeed as an anecdote denoting the public’s rather strange non-involvement on the bullish side we note that we’ve actually bought gold coins offered to us by acquaintances who are not involved in the markets but who wish to sell coins they’ve owned for years. Rather than buying, they are selling, and until the public is buying in panic mode the end of the bull market is not upon us… unless of course the lessons of history are to be forgotten and unless of course “this time it really is different.”