Last Updated : 29 January 2012 at 18:30 IST
Gartman returning to gold/euro, still holds copper position
Dennis Gartman, Investor and newsletter writer, is buying gold in euro terms again after stepping to the sideline during the metal’s correction late last year.
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LONDON (Commodity Online): Dennis Gartman, Investor and newsletter writer, is buying gold in euro terms again after stepping to the sideline during the metal’s correction late last year.
After consolidating its gains in recent weeks between 1,275 and 1,300 euros, gold has broken to the upside on the technical charts, he said in The Gartman Letter.
Meanwhile, he remains long in copper, which has risen to $3.90 from $3.40 a pound this month.
Gartman points out that drawdowns in London Metal Exchange copper inventories have reached their highest levels since May 2009 and that U.S. durable-goods orders reported Thursday were supportive for copper. However, he said, “for now, a quiet, consolidation seems in order.”
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