reduce gold holdings is good for HGD Gold may fall $75 to $80 before rebounding as investors sell the metal on speculation the rally to record highs was overdone, said Dennis Gartman, economist and editor of the Suffolk, Virginia-based Gartman Letter.
``We overstayed our welcome in gold,'' Gartman said, recommending clients reduce their holdings in the metal.
Speculative net-long positions on the Comex, or bets prices will rise, rose 0.3 percent in the week ended Jan. 29, compared with a week earlier, according to the U.S. Commodity Futures Trading Commission.
``The price of gold has reached successive new highs over the last several months, but the market now finds itself somewhat lacking in the ability to push the long holders into bigger positions,'' Robert Lockwood, an analyst at Scotia Capital USA Inc., said in a report today.