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"We want out...entirely," Gartman tells clients regarding the gold trade.
Investors should get out of gold immediately as the metal reaches a technical top and is due for a pullback, says Dennis Gartman, hedge fund manager and author of The Gartman Letter. >>LINK
In a post last week, Itz sounded the caution alarm on the recent runup in gold and the euphoria... "there have been those that hyped the S&P500 @ 1250, those that suggested oil was going to $150 when it was at $87 and now that gold is at $1230...it's a buy??? Sounds like a crowded trade...just be careful. As always diversify & be hedged." >>LINK
While Gartman is exiting the gold trade, John Paulson, remains firmly long. In a 13F filing released yesterday, it was revealed that Paulson did not liquidate any of his GLD position. Paulson and Co. holds 31.5 million shares of GLD - in addition to huge holdings in AngloGold Ashanti (AU), Kinross Gold (KGC), and a number of other smaller gold companies. Note...this 13F filing was as of holding ending March 2010. If you look at the chart below GLD was testing the 150ma a buy, who knows what Paulson has done with his positions in recent days?
Itz Stock Chartz recently suggested Stillwater Mining SWC under $16, if the global economy is recovering then industrial metals should outperform.