Dennis Gartman: Still Bullish on Gold, Sell-Off Overdone
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Dennis Gartman, author of the Gartman Letter, said the sell off for gold on Tuesday is was overblown, and may present an opportunity for investors.
“Can gold go down $100 from its high? Sure. But will it do enormous damage to the long-term upward trend in gold. Not really," Gartman told CNBC on Tuesday.
Gold is down $43.10 an ounce to $1,379.50 in late market movement on Tuesday.
”It creates fear in the longs and joy in the people who are short. I wouldn’t be surprised (to see) the correction last 2 or 3 weeks."
Gartman said that he is still bullish on gold in non-U.S. dollar terms.
“No, Tuesday action wasn’t fun. But do I think the bull market in gold has ended? Not really.”
“Can gold go down $100 from its high? Sure. But will it do enormous damage to the long-term upward trend in gold. Not really," Gartman told CNBC on Tuesday.
Gold is down $43.10 an ounce to $1,379.50 in late market movement on Tuesday.
”It creates fear in the longs and joy in the people who are short. I wouldn’t be surprised (to see) the correction last 2 or 3 weeks."
Gartman said that he is still bullish on gold in non-U.S. dollar terms.
“No, Tuesday action wasn’t fun. But do I think the bull market in gold has ended? Not really.”
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