No matter what happens in the gold market, there will always be those who must constantly bash gold. Frankly, from a media point of view, it’s actually a marketable strategy to bash gold these days because we know gold is going on a twelve-year bull run and will continue to perform better than any other asset class. Bashing won’t change that market, but it will get you airplay.
This makes gold and the gold market one of the easiest things for pseudo-investors turned pundits to knock. Dennis Gartman is perhaps one of the most well-known of these in the current market. Gartman very publicly told his clients, and the world at large, that the gold bull market ended in December of 2011. Gartman even backed up his word by selling his gold.
During the record New Year’s rally of this year, however, Gartman had to change his tune after he lost many thousands of dollars on his bad bet against gold. The public apology was probably the best part for me, as a gold investor and a market aficionado. I always get a righteous pleasure from hearing the gold bears admit they are wrong and they that they steered market investors in a bad direction.
But it seems some lessons are learned hard. Gartman is again harping on the gold bear hardline, saying, literally, “I don’t like gold bugs.” And, “I don’t like being long of gold.” And, also, “I’m not a believer that the world is coming to an end.”
Well, besides your personal tastes and preferences, Mr. Gartman, what about the viability of gold in the current market? Is there a reason Blythe Masters was recently on very widely-watched television explaining JP Morgan’s position in the commodities market? Or are you just weary of gold bugs because they have been correct so often when you have publicly lost money?
That’s the kind of guy you should probably refrain from listening to. He’s taken a wrong position, he knows he’s taken a wrong position, and he’s going to defend it to his bitter end.
Gold and the gold market are about investing. It’s about free market economics and a return to a real value currency. It’s about being prideful in the wealth you hold and transfer and holding the wealth yourself. Buying gold is the best way to take your financial freedom in your two hands and appreciate it. It’s particularly fun to hold your gold when you’re listening to Dennis Gartman issue a public apology.