Trump & Gold: Positive Correlation? - Gartman, Lanci Chime In
The odds of this just spiked after my interview was published
Tomorrow's chart will reverse hopefully!
Dennis Gartman has a New Partner
What follows is humor mixed with fact. And I hope Dennis Gartman gets it. Especially when I'm aligning my opinion with his. The joke is on me, and it's funny IMHO. Fitting that our opinions should coincide when in the past I was a vocal critic of his market calls in metals.
To be totally fair: Dennis Gartman, publisher of The Gartman Letter has made some predictions that most would not have dared make from a position of success. Quite ballsy at times. How many times do you think Soros has come out and stated he is bearish on stocks in the last 10 years? How's that working George? Point is, I'm trying to dispell the nonsense we traders do to each other And deep down, not unfamiliar with being the target of unfair criticism. The following speaks to my familiarity being the underdog from a recent MarketSlant post picked up at Zerohedge .
For the record- I was suspended from NYMEX 12+ years ago for manipulating a settlement without a client complaint. I learned that behavior from watching the pros do it and get away with it. I was arrogant enough to think I could. I was a street kid form Philly who had to drop out of college and learn to survive. Got lucky and had 15 Ivy league kids working for me at one time. But I lay down with dogs too long and got a bad case of fleas. A big price was paid for that. And to save an incompetent compliance officer's job I was punished harshly.
Post suspension, most firms wouldn't touch me even as they burned themselves time and time again on derivatives risk in Energy and Metals. I then witnessed the FC Stone downfall fittingly from them cooking their own books years after they threw me under the bus as their client . But you have to move forward.
Gartman and Lanci Bearish on Trump.. You know what to do
I called Dennis out on a call in Gold years ago on a Zerohedge guest post that challenged his Risk/Reward rationale. So he's probably rolling his eyes right now too being in an article with me. He gets alot of mud thrown at him by our little incestuous trader community for a couple calls he made on oil. But I'm with Dennis as of now!
Did I agree with Dennis?.
To Lanci, the best way to explain the parallel between Trump and gold is: investors view that a Trump presidency would bring about uncertainty, which would bode well for the yellow metal.
Lanci said if Democratic nominee Hillary Clinton were to become the next president, stocks would likely rally and gold prices would fall.“[B]ut that would be a dip to buy as it would be hot money hedgers getting out,” he added.
So far so good...
Instead, Lanci said he is ignoring the noise surrounding this year’s elections, especially the polling data.“His odds have dropped on this chart but polling is very unreliable in this election cycle….the election is increasingly digital, based on the last news story on Clinton Foundation or how Donald put his foot in his mouth today.”
Echobay Partners’ managing partner Vince Lanci echoed Gartman’s comments in that despite the pattern, gold is really being driven by other, “non-election” factors right now.
CRAP.. I know what to do.Full Interview with Dennis and me HERE
On the flip side Trump fans should be happy. If past calls are any indication Trump will indeed win in landslide.. right Donald?
Thanks pal, nice 'do
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