Update:

I wrote this piece before reading about the EU ban.  I have to revise my opinion in light of that. Gartman wasn’t just talking his book, as I thought initially. My apologies.

CNBC  has this from hedge fund manager and newsletter writer, Dennis Gartman:

“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

In his daily note to clients, Gartman advises them to “rush to the exits” as gold prepares to retreat from a series of historic dollar highs.

While the move out may only last for the short term, he says the metal has “gone parabolic” and should be sold.

“(W)e are traders here, not investors, and traders listen to and watch the market, looking for signs of a changing environment,” Gartman writes. “The environment has been changing; violence and volatility are everywhere. We want out. The sidelines look inviting.”

Gartman himself, however, remains in a series of gold holdings using currency plays.

He is holding 15 percent gold in his currency portfolio, with equal parts in the euro, yen, sterling and Swiss francs. He also is long 10 percent silver and 15 percent each of Canadian and Australian dollars. He is short 15 percent apiece in euros, sterling and yen.”

My Comment:

All very entertaining….except it’s nauseating too. Why does CNBC pass off money managers talking their portfolios as some kind of objective news development? Gartman probably has a short on gold or wants to buy cheaper. Well and good.  That’s no excuse for clogging up the news media with his recommendations. That’s what he’s got a newsletter for.

(see update above)