Gold Is Acting "Bullish" But Not A Bull Run Folks - Dennis Gartman

Market watch Dennis Gartman said he is “reasonably impressed” by gold’s upbeat performance Tuesday but is stopping short of saying the metal is in an official bull run.“I would say it’s a bullish market for gold...I wouldn’t go on a limb and say it’s a bull market.” he said in an interview Tuesday. “Spot gold getting upward through $1,328-$1,330 [an ounce] would be impressive, we’ll see if it can do that. Right now, it seems to want to do that,” he explained.A weakening U.S. dollar index early this week is propping up the precious metals market with April Comex gold futures last up $4.70 an ounce at $1,331.00. Gold has been suppressed by margin call covering following last week’s equity correction, but signs of gold selling in the market are no longer there, Gartman, editor of the popular newsletter, The Gartman Letter explained. Gartman noted that this week will be particularly significant for gold with the Chinese Lunar, the last four have seen double-digit gains for gold. “The removal of the Chinese from the market for the next week or so would be detrimental [for gold]”, he told Kitco News, “but…that’s just not true. Historically, the gold market has actually risen during the Spring/Lunar New Year festival,” he said. (show less)

Market watch Dennis Gartman said he is “reasonably impressed” by gold’s upbeat performance Tuesday but is stopping short of saying the metal is in an official bull run.“I would say it’s a bullish market for gold...I wouldn’t go on a limb and say it’s a bull market.” he said in an interview Tuesday. “Spot gold getting upward through $1,328-$1,330 [an ounce] would be impressive, we’ll see if it can do that. Right now, it seems to want to do that,” he explained.A ... (read more)

Kitco News

Kitco News
The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.