Gartman...Moron of the Year
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MIDAS (Thanks player13 for this.)
Appendix
Clearly, Dennis Gartman not only needs to learn what the gold market is all about, he has to get rid of his foot in mouth disease...
Bill,
gartman has left the land of the living. gold coin blanks ARE ACTUALLY THE GOLD ITSELF, they are then pressed with the dies to "mint" the coins. so he doesn't even understand the process. a shortage of "blanks" IS A SHORTAGE OF ACTUAL GOLD!!!!!!!! the US Mint is not short of dies, as gartman supposes, that's so ridiculous, ..... this is better than seinfeld standup!
jeff
Hey Bill,
I'm sure that I'm not the only one who noticed a couple problems with Dennis Gartman's rail against gold supporters ("gold bugs," or "conspiratorialists" [sic]). He seems not to know what a "blank" is, nor why their shortage speaks of the tight supply of physical gold. Is it possible for such a celebrated market observer to not understand the physical gold market? Either that or he has an agenda in making his erroneous arguments.
Mr. Gartman stated that the blanks were the "stamping tools" used to fabricate the coins. Wrong. Of course blanks are the metal itself in the "blank" state before being struck by the die, thus making the coin, in this case, a one ounce Eagle. By making this mistake he insinuated to his readers that there is not shortage of gold, but rather just a machinery issue causing the suspension of production.
Also, he wrongly states that gold bugs see the U.S. Mint's suspension of Eagle production as evidence of the government gold coffers as being low. Well, even though I am a neophyte gold investor, I know that the U.S. Mint doesn't draw on the Treasury's existing supply of gold to mint coins. They rely on the producers and refiners to supply "new" gold for the production of gold coins. The lack of availability of one ounce blanks speaks to the tight supply of gold on the open market. I have never heard it suggested by a "conspiratorialist" [sic] that the U.S. Government is drawing down it's hoard of gold to mint coins. (At least I don't think that's ever been GATA's contention.)
Any way, I can be a stickler over grammar and semantics, but even a casual reading of Mr. Gartman's recent comments bashing gold supporters makes it plain that either he doesn't know enough about the physical gold market to be commenting on it, or he is intentionally trying to pull-off a phony argument for the sake of supporting his bias. Either way it makes him look bad.
Best to you,
Mark
Bill,
Although Dennis is a nice chap his latest rant has earned him a nomination for my coveted Moron of the Year Award. If you look at his comments highlighted in red by me you can see how clueless Dennis Gartman is on the subject of gold…he thinks that the "blanks" are part of the equipment to press gold coins!!! He says "Literally, the stamping tools needed by the Mint are in short supply" and later on "So, we found it nearly comical that the US Mint said that the shortage was due to a shortage of blanks needed to mint the gold it has ready for coinage; there is no shortage of gold; there is a shortage of the minting devices"
So DG is such a moron that he doesn’t even know what blanks are! He is falling off his chair laughing at GATA because he thinks we have confused a shortage of "blanks" (which he thinks is a machine part!) as being a shortage of gold! He had better stop laughing because he now has made him self a laughing stock (and not of the gold variety!) because it is he who has confused "blanks" as being part of the minting machinery. Dennis, you should check your facts before you go shooting your mouth off about GATA. The Mint is not short of some pice of machinery to mint the gold it has ready for coinage…blanks are those one ounce circular discs of gold that need to have an imprint pressed onto it to make it an Eagle coin!!! Dennis, you are quite the expert on the gold market aren’t you?
QUOTE
Finally, last week much was made by the Gold Bugs and the "Conspiratorialists" who populated the bullish side of the market that the US Mint had stopped selling gold coins. The "Bugs" were convinced that this was the signal they had long awaited that the US government's manipulation of the gold market was finally proven. They were convinced that there is less gold in the government's coffers than is reported, and that the Mint's decision to stop coin sales is the first clear reflection of that shortage.
However, the Mint has dashed those hopes noting that there is something far more prosaic at work here than evidence of market manipulation: the Mint has suspended gold coin sales because they've run out of the "blanks" needed to forge the coins. Literally, the stamping tools needed by the Mint are in short supply. According to the Mint's statement
Because our vendors are not able to supply enough one-ounce gold bullion blanks to meet the unprecedented demand we are experiencing, the United States Mint notified our authorised purchasers on August 14, 2008, that we must temporarily suspend sales of the 2008 American Eagle One-Ounce Coin. However, one-half ounce, one-quarter ounce, and one-tenth ounce 22-Karat American Eagle Gold Bullion coins are still available to authorised purchasers and are in stock at the United States Mint. In addition, one-ounce American Buffalo 24-karat gold bullion coins are still available... and are in stock at the United States Mint.
The Mint said that simply that the suspension is due "to a shortage of blanks from its suppliers." The "Bugs" were convinced... truly and utterly convinced... that there has been a fully fledged conspiracy regarding the insufficiency of gold in the US government's coffers, made evident by the shortage of coins for sale. We find the conspiratorialists to be, shall we say,... well, they are conspiratorialists, convinced that some evil cabal manipulates gold at every turn. We think the government has more important things to be concerned with than testing the Gold Bugs. There are wars, and rumours of wars, and famines, and global cooling, and the like. Gold's problems are a gnat in the government's eye. So, we found it nearly comical that the US Mint said that the shortage was due to a shortage of blanks needed to mint the gold it has ready for coinage; there is no shortage of gold; there is a shortage of the minting devices as the public rushes to own gold coins. How prosaic... how mundane... how utterly unimportant is that? Were it not so prosaic it would be comical.
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Dennis gartman earns a nomination for Moron of the Year |
