Tuesday, January 10, 2012

Gold Flip Floppers: George Soros and Dennis Gartman

In the second half of last year, gold bears made an appeal to authority by citing George Soros and Dennis Gartman as noteworthy investors who jumped into their bandwagon.

Here are the reports:

From Bloomberg

George Soros, the billionaire who two years ago called it the “ultimate asset bubble,” cut 99 percent of his holdings in the first quarter, Securities and Exchange Commission data show.

From San Francisco Chronicle

Gold is in the "beginnings of a real bear market," economist Dennis Gartman said today in his daily Gartman Letter.

Yet in very little time the so-called new converts suddenly backslid or retracted.

From Newsmax

Legendary financier George Soros returned to buying gold in late 2011 after selling it earlier, and is due to reap the benefits later this year when Fed policies will likely weaken the dollar and send the precious metal climbing, Emerging Money reports.

In the first quarter of 2011, Soros Fund Management sold almost all its shares in the SPDR Gold Trust and the iShares Gold Trust exchange-traded funds, Bloomberg reports, citing SEC data.

From Financial Post

Investment letter publisher Dennis Gartman declared Thursday that he was wrong about his bearish call on gold last month.

Writing in his daily investment letter, Mr. Gartman said he was reversing his position on gold, and now views the precious metal as being in a bull market.

Well, one is devout statist and the other is a chart technician. Apparently, gold has proven them wrong.

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