No, Dennis Gartman is not bullish on gold. A $1400 gold price per ounce is still extreme pessimism in gold seeing how the gold price is already up more than 13% year-to-date. Here’s what else he said…
Dennis Gartman is on CNBC supposedly touting gold today. Here are highlights and the video of his “optimistic” forecast:
Gartman, often known as the commodities king, predicts the yellow metal’s run has a lot more gas in it.
“A year from now, gold will be demonstrably higher than it is right now,” The Gartman Letter’s founder told “Futures Now” in a recent interview. “I would certainly think we could see $1400 [an ounce] in dollar terms.”He doesn’t believe the Federal Reserve’s intention to start reducing its $4.5 trillion balance sheet in October will be a headwind for gold. The unwinding of the Fed’s crisis-era policy “is going to take five or six years. This is not something that will occur overnight,” he said.
Gartman declared on “Futures Now” last December that gold was the top commodity to own in 2017.