it is all getting rather personal, just in in-tray
Peter Grandich has called out fellow investment newsletter writer Dennis Gartman on his assertion earlier this week that gold is now entering a bear market.
In the latest installment of The Grandich Letter, Mr. Grandich said Mr. Gartman is a “true master of self-promotion” whose “track record better suits him for the lead role in ‘The Boy Who Cried Wolf.’”
He also named Mr. Gartman one of the “Three Stooges of Gold Forecasting” alongside two other well-known gold commentators, Jeff Christian, the managing editor of CPM Group, and Jon Nadler, senior analyst at Kitco.
“Mr. Gartman is one of three people who many in the media continue to quote despite a nearly decade-long poor overall track record on gold,” he said. “He, Jeff Christian and Jon Nadler have demonstrated to me (and I suspect many others) that a broken clock’s percentage of telling the correct time in any given day is about the same as their actual accurate forecasts for gold in the last decade.”
Mr. Grandich said he is willing to wager any of the three US$1-million that gold will hit US$2000 an ounce before it hits US$1,000 on the COMEX.
Indeed, he has already arranged for the law firm of Lomurro, Davison, Eastman & Munoz of Freehold, New Jersey to hold the funds in trust.
“For once, let one or all of the most arrogant and often wrong gold forecasters truly put their money where their mouth is when it comes to gold forecasting. This offer shall be good until midnight, December 31, 2011 (I will donate my winnings to charities).”
In his Gartman Letter published earlier this week, Mr. Gartman said he was out of gold, based on a belief that the rally in the yellow metal over the past decade is ended.
He said China has been buying gold aggressively over the past several weeks, which should have sent the price surging. Instead gold has fallen almost 10% since the beginning of December.
“One of the oldest rules of trading is simply this: A market that cannot or does not respond to bullish news is a bearish market not a bullish one,” Mr. Gartman said.
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