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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: bull_dozer who wrote (201943)	10/10/2023 6:55:49 PM
From: TobagoJack	Respond to of 217744

I have gooooooood news re gooooooooold, and so we pre-celebrate kitco.com Dennis Gartman turns agnostic on gold kitco.com Dennis Gartman turns agnostic on gold ( Kitco News) - The gold market's drop below its 200-day moving average in last month's sharp sell has caused one long-term bull to become more uncertain regarding the precious metal. In his latest market commentary, Dennis Gartman, creator of the Gartman Letter, noted his waning enthusiasm for gold as prices have struggled through the summer; he said that gold will struggle as bond yields continue to move higher, with two-year yields over 5%. "It goes without question that my enthusiasm for gold has suffered as GLD has fallen from just over $190/share in early May to where it stands presently at or near to $170. That has finally been enough to shake even my faith and turn me agnostic to the point that any rally back toward $173- $175 shall be sold into with the intention of cutting my position by 1/3-1/2 of its present size," he said in his commentary Thursday. Shares of SPDR GoldShares, (NYSE: GLD), the world's largest gold-backed exchange traded product, traded Monday around $172 per share. Gold has started the week with solid momentum after Hamas' surprise attack against Israel has renewed safe-haven demand for the precious metal. In his updated positioning, Gartman said he remains defensive, with 85.2% of his portfolio in two-year notes. At the same time, he is holding 0.4% in real cash and holds 7.2% in gold; most of the position is within the mining sector through GDX. Gartman added that he is modestly short equities, with the position representing 8% of his portfolio. Looking at the health of equity markets, Gartman said that he expects the market to continue to decline as late August was a significant turning point. "It's been an S&P 500 of seven stocks; the other 493 stocks are barely higher for the year-to-date and soon may actually be down," he said. Similar to gold, equity markets have struggled as the Federal Reserve has signaled that it will maintain a restrictive monetary policy for the foreseeable future.