Dennis Gartman on Gold, Nat Gas, Currencies, and More!

Great Dennis Gartman interview over on The Globe Investor. Here are a couple of quick hits, and you can find the full interview here.

Gartman's thoughts on:

• Gold: Someone or something is leaning on gold at $980-$1000 and I’ll let that seller be sated before I venture back to the long side. So will I sell gold short? No.

• Natural gas: The best way to play natural gas is not to play at all.

• Stocks to own: I want to own the movers and makers of “stuff.” Grains; water; base metals… that sort of thing

Thanks to our friends at The Daily Crux for linking to this post.

Further reading: Gartman says "Warren Buffett is an Idiot"

Dennis Gartman: "Warren Buffett is an Idiot"

Yeah, according to The Daily Crux, this headline is a true one...Gartman did refer to Buffett as "an idiot" for allowing Berkshire's stock to drop 45%.

The Gart-Man has since rescinded the statement - but The Crux reports that to Gartman's credit, he's actively shorting Berkshire Hathaway.

I've had a trial subscription to Gartman's Letter before, and thoroughly enjoyed it...though the price tag was too much for me to stomach ($500/mo or something like that).

Fan of Gartman? Check out his recent thoughts on China - a great read.

Dennis Gartman's Thoughts on China

Legendary trader Dennis Gartman shares his latest thoughts on the Chinese economy, as he commends the Chinese government for getting out of the way of the private sector, cutting taxes, and letting entrepreneurs do their thing.

Contrast this with Washington's socialist policies, and you may start to look longingly across the Pacific. How ironic - the "commies" have become the capitalists.

This Gartman piece is courtesy of The Daily Crux, a website I'd highly recommend you check out. It's put together by the sharp investment guys at Stansberry & Associates, who I quote in this space quite a bit.

Ed. Note - I just came across Dennis Gartman's Rules of Trading over at Market Folly, an excellent blog/resource.

Quick Thoughts on The (Very) Latest Black Monday

• So is this column a new Monday tradition?

• If you haven't already, please be a good student of history and review my thoughts from the last Black Monday - they are all still relevant.

• Sure looked like the old Plunge Protection Team was out in full force this afternoon - could we have seen a 1000 point plunge for the Dow if not for the PPT?

• The best place to be right now is cash. We're going to have some great buying opportunities someday, but it's not here yet. Please, protect your capital in the meantime.

• A good friend forwarded me a copy of Dennis Gartman's letter today - Gartman is up 4% on the year, and is feeling pretty good about it, since the S&P is down over 30%. Even Gartman is fearful right now, he has no idea how to trade these markets.

• So much for the bailout calming the markets, eh?

• Finally - an early Christmas present for me - I woke up to find the Yen up $.04 overnight! I promptly sold. I was burned once before for not selling the Yen and Swiss Franc after a gap up, and didn't want to make that mistake again. Could the Yen keep going up? Sure, and I think it probably will. But I also think I'll have a chance to buy it back at slightly cheaper prices.

• Yes, the Yen carry trade unwound in a big way - more forcefully than I ever would have imagined. For a couple of background primers on the carry trade, check out Chuck Butler's previous comments, along with some very prescient commentary from the Times Online back in March.

Dennis Gartman Video: Oil Prices Could Drop Below $80

Full video of Dennis Gartman on CNBC

• Thinks oil will drop to $80-90 range
• He's not crazy enough to try and short the market
• Believes oil's bull run will be on ice for the next couple of years
• Is short Toyota and long Harley Davidson - believes people will downsize their transportation (not sure if I follow that theme)
  

The Gart-man Exits Gold Also

From Marketwatch:

Dennis Gartman, editor of daily financial trading commentary The Gartman Letter, said Monday that he's abandoning his long-held bullish outlook on gold.

Gartman said that "good bull markets" don't fall in the way that gold and other metals fell on Friday, when the precious metal tumbled $27.70.

Gold "has broken this well-defined bullish trend line and it failed miserably on Friday," Gartman wrote. "It has bounced today [Monday], and we shall sell that bounce and exit entirely!"

Picking Some Cotton

Well I picked up some cotton this morning - got filled on the May contract at 71.87. I have to admit that I'm following Dennis Gartman's pick on this one - I am on the free trial subscription to his newsletter. Normally I wouldn't have bought so soon, so we'll see how this works out - so far, so good today.

By the way, I'm really enjoying the Gartman Letter, but it's unlikely I'll pay when my subscription runs up - it's $400/mo. Great info, but high price tag. But if anyone is interested in maybe sharing a subscription, let me know - could make the price more palatable. It's a PDF that shows up around 3am PST in the Inbox.