From today's Gartman Letter......(11-10)

"Gold is weaker this morning, and it is about time that some modest correction take place, for gold is clearly over-bought; gold is clearly over-participated in by the nvesting/speculating public, and gold needs a good sound thrashing to take the late-comers out of the positions and in the process restore relative health. We remain more enthusiastic about being long of gold in currencies other than the US dollar, for the dollar trade is crowded and we’ve wanted to hedge away the dollar exposure that we take upon ourselves when we are long of gold only in US dollar terms. Thus, this morning although gold in dollar terms is well of its highs of yesterday, gold in Sterling terms is making new and higher highs. For that we are grateful, and with that we shall sit tight."