LONDON (Commdity Online): Investor and newsletter writer Dennis Gartman said that he is swapping a portion of his gold holdings for copper.
Gartman has held gold in foreign currencies such as the euro. Gartman cites a technical reversal to the downside for gold Friday and said “we always pay heed to reversals.”
Meanwhile, copper rose Friday following a stronger-than-forecast report on U.S. employment. Gartman said copper has been the best trade of the year so far for him, pointing out that in late January, “all copper wished to do for corrective purposes was to hold steady.”
“It refused to break and we found that impressive. We shall ‘bet’ upon stronger economic environs then as we ‘bet’ in copper’s favor at gold’s expense. At the same time, we shall reduce our position in gold/EURs marginally,” Gartman concluded.
