LONDON (Commodity Online): Gold prices are losing ground to equities, said Dennis Gartman, editor of his eponymously titled newsletter.
This week Gartman exited his bullish gold positions and has turned bearish on the yellow metal, saying the sidelines beckon. When looking at a technical chart of the biggest gold ETF, the SPDR Gold Trust (GLD), and the S&P 500 index, he pointed out that for years Gold was gaining on equities. Things began to change in August and have been changing consistently since as gold has been losing steadily to equity.
“In recent days, the trend line itself has finally been broken; moving averages have been taken out from above and the psychology has shifted. This is going to get ugly for the long standing gold bulls,” he concluded.
