Dennis Gartman: Gold vs. The Force
11a ET Friday, August 8, 2014
Dear Friend of GATA and Gold:
Doug Casey of Casey Research refuses to see gold market manipulation because it contradicts his ideology that markets are always bigger than governments. (If only they were, since then no government on the planet would remain in its current configuration and totalitarianism would be impossible.)
The job of CPM Group's Jeff "Pay No Attention to That Man Behind the Curtain" Christian depends on his denying gold market manipulation, since the market manipulators are his own clients, central banks.
But with his commentary today recognizing gold market manipulation and naming it "The Force," financial letter writer Dennis Gartman may signify that the End Times are approaching, wherein the obvious can be simultaneously acknowledged and dismissed as what everybody supposedly knew all along, though the record will show only denial and ridicule of assertions of what is now acknowledged as obvious.
The relevant excerpt from Gartman's commentary today is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
By Dennis Gartman
The Gartman Letter
Friday, August 8, 2014
Regarding gold, of course it is strong: War is in the air and when war is in the air gold goes bid. What else can gold do? Capital is fleeing to the safe corners of the world, and when that happens it flees to gold. So we begin our discussion this morning noting this simple fact.
We note secondly that this shall be an important day for gold and for gold's future, for whoever or whatever has been the seller of gold on Fridays in recent days, weeks, and months cannot allow gold to trade upward through $1,325 and certainly it cannot allow gold to trade upward through $1,350 for that would send an inflationary fright through all other markets in all other places.
Hence -- and let's call this group The Force -- The Force will have to work very hard today to defend its authority. The question shall be: Will it?
The Force has already lost one very important battle: it has lost the battle at E975/oz., with gold trading now at or near E982 and with the truly psychologically and technically important E1,000/oz. level only just a bit ahead.
Once E1,000 is taken out -- and we think that it shall be, if not today, then next week if the geopolitical events unwind as badly as we fear they might -- then there is nothing that stems the advance until E1,100, noting that the peak for gold in euro terms was E1,350 back in late 2012.
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