From today's Gartman Letter...... (8-25)

"Regarding gold, the bears, in US dollar terms, raided gold yesterday, sending it down rather sharply. When gold falls $10/ounce in the course of a very few moments we are always on the look-out for rumours concerning IMF sales, or massive “legacy” bank sales, or margin liquidation or any number of explanations. There were and there are none to explain yesterday’s weakness, and so we chalk it off to summer illiquidity and note that we are happy to be long of gold in EUR terms rather than in US dollar terms, for it gives us the ability to weather these always disconcerting “summer storms” that kick up out of nowhere and have no explanation. If we must cast about for some “fundamental” explanation, let’s cling to the notion that the Impala Mines has apparently reached some agreement with the union there over wages and working conditions. Yes, that works; let’s use that as an excuse and move on."