Gartman Recommends to Close Long Positions in Gold

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Gartman Recommends to Close Long Positions in Gold

Published on Tuesday, 18 May 2010 23:13 Written by Danny Miller

gold New York, May 18^th (TradersHuddle.com) – Earlier today, Gold futures for June delivery slid 1.1% to $1,214.60 on the Comex in New York.

Gold futures fell to a 1-week low, as demand for the precious metal eased following last week’s rally to an all-time high of $1,249.70 an ounce.

Dennis Gartman, the editor of the Gartman Letter, recommended subscribers to exit their gold positions, as the gold trade has become crowded. Gartman wrote to its subscribers “We wish to run to the exits -- entirely -- with our long positions in gold versus the foreign currencies. With the public now heavily involved, we want out and are heading for the sidelines.”

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