Gold Gains While Dollar Advances – Analysis and Discussion with Dennis Gartman of The Gartman Letter
Bloomberg, January 31, 2009
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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February 1st, 2009 at 11:22 pm
If Obama gets his $1 trillion “stimulus”, and subsequently borrows $2 trillion to give to the banks, gold is going straight to the moon.
Outside of precious metals, it does look like many commodities are starting to form a base.
One more nasty correction in the stock market could put a bottom in for many commodities.
February 1st, 2009 at 11:59 pm
I like Gartman, but I’m getting a bit annoyed with his huckster phrase: “It’s moving from the lower left to the upper right….so I’m a buyer.”
On what SCALE?
What time frame are you viewing this stuff bro’?
It’s important.
February 2nd, 2009 at 9:19 pm
Gold has been a terrific asset to hold over the last 29 years very akin to the Nikkei. In 1980 one ounce of gold could buy about one composite DJIA unit; today it can buy about 1/8 of a composite DJIA unit. About 90 ounces in 1982 could buy a nice home in this local neighbor hood, now that housing prices have plummeted its takes only about 5 times that much. Its really very glittery. See how the glitter wans in 11 next weeks as the science of saturation macroeconomics predicts a withering devolution in gold prices appropriate to its real worth.
February 3rd, 2009 at 5:50 am
I keep looking at gold as an investment, but have not been able to push the button to buy. There has been a guy on the radio here in Boston, who has been talking gold since at least 2000. He also saw the S&P going to 500 or so at some point, using fibonacci charts. I think his name is Tom O’Brian, TFFN. When I leased an office near there I listened almost daily. Like so many he seemed more like a showman, so I took his information with a grain of salt. Do any of you own gold or are you considering it? Do you own physical gold or EFTs? Andy, are we going to bounce here just below 8000 or is the beginning of the next leg down? Sorry for all the questions.