Tags: gartman | gold | bubble

Contrarian Predicts Gold Now a Bubble

By    |   Thursday, 19 Nov 2009 05:24 PM

Earlier this decade, there was the dot-com bubble, followed by the housing bubble.

Now there is the gold bubble, says Dennis Gartman, founding editor of The Gartman Letter.

Gartman tells CNBC’s Squawk Box show that the price of the precious metal will "continue to go up until it stops," but this may not necessarily be good news right now for the global economy, or investors.

"It is a gold bubble," Gartman says. The trade on gold is "mind boggling," he adds.

Gold recently hit a fresh record high above $1,130 an ounce early as the dollar fell against other commonly used currencies.

Some experts think the U.S. government is, cleverly, manipulating the price of gold. But Gartman discounts the rumors.

“There has been talk about gold manipulation for years,” says Gartman.

“What’s important is the trend is going upward — going from the lower left to the upper right. It’s a bull market.”

Gartman believes there will still be “higher highs” in the price of gold soon.

“This is not just a dollar play,” says Gartman. “It’s a movement by central banks and investors out of dollars and into gold. It is a dance right now. While they are playing, dance. Sooner or later the music is going to stop. “

Gartman is long on gold for now, however.

Others are apparently of the same mind.

MarketWatch indicates that gold futures have climbed to a record as the dollar falls against other major currencies.

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Earlier this decade, there was the dot-com bubble, followed by the housing bubble. Now there is the gold bubble, says Dennis Gartman, founding editor of The Gartman Letter. Gartman tells CNBC’s Squawk Box show that the price of the precious metal will "continue to go up...
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2009-24-19
Thursday, 19 Nov 2009 05:24 PM
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