Santa came early! Gold has dropped into a very buyer friendly zone below $1,600 today. Yesterday, gold-bug Dennis Gartman let the world know he emptied his personal account of all gold holdings. He is considering a similar move in his funds. Due to regulations he can make no moves in these funds until month end. Expect more sell off at that time from the Gartman managed funds.
Gartman told the Fast Money reporters on CNBC, During a bearish time like this there are only three positions to hold in gold, very long term, long term & neutral. I have taken a neutral position at this time. Gartman views gold more as a commodity to be traded rather than our position of a long term hold.
For those of you who view gold in the similar manner as we do now through the end of the year is the time to buy and rake in the savings. The negative economic out-look for Europe and the US should have long-term upward pressure on gold over the next cycle.