I know everyone likes to go after D. Gartman but this might one of the smartest things he has said or conclusions draw in a long time on gold, quote from Gartman today:
Finally, and perhaps most importantly of all, as stock
markets around the world are selling off, one might
reasonably expect gold to be weak as margin clerks sell
gold from the positions in their “spec” accounts as stocks
are liquidated and liquidity is sought, except that there is
none! As noted, the “Specs” are net short of gold, not
net long of it, so this time there is no gold to sell!
Indeed, this time, the margin clerks will be forced to
cover in those shorts instead, putting gold prices
higher rather than lower. This could get very, very
interesting on the long side.
