GREY:TWNNF - Post by User
Post by
digger144on Apr 26, 2012 5:14pm
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Post# 19841114
Some People...
Some People.......do not know when to quit!
Dennis Gartman: Gold Traders Should Heed Fed
Published: Wednesday, 25 Apr 2012 | 2:55 PM ET
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After the latest Fed statement, commodities trader Dennis Gartman reveals the important takeaways for anyone trading gold[GCCV11657.50
15.20(+0.93%)
] or silver.
“The Fed has effectively taken QE3 off the table for at least another month and probably for the foreseeable future,” Gartman says. “And they have said inflation remains subdued.” That's what precious metals traders must know.
1657.5015.20 (+0.93%%)
CEC:Commodities Exchange Centre |
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In other words, two bullish catalysts are out of the gold market; there’s no reason for gold bugs to buy gold as an inflation hedge and there’s no reason for currency traders to buy gold as a weak dollar trade.
“Gold was trading $1640 right before the report and then it fell all the way down to $1626 after,” says Gartman. That's telling you something.
Perhaps....somebody needs a vacation!
Digger144