Today The Gartman Letter includes an intimidating chart contrasting the net short of "Commercials" plotted against the gold price:

"The last time the hedgers

were this short was back in mid-summer before gold

fell $100/ounce. They were also this net short last November and December, before gold fell $160/ounce."

TGL of course is widely read on Institutional trading desks, and this observation may well have been influential.

end.

Always remember this, Dennis always get the sale side right. He never gets the buy side.

Why? it is simple. The banking cartel need his help to accentuate the sell side. so they tell him when a raid is about to commence.

The bankers never tell him when they are covering as they do not need him to compete with themselves for a buying contract and bid up the price.

This is why Gartman never gets the buy side right and for the past 10 years, he has not made a nickel on gold as he has been always been liquidated.

Yet CNBC always goes to this "guru". He is nothing but a moron.