Get out of Gold now, price will plummet to $1450/oz: Dennis Gartman

NEW YORK (Commodity Online): Gold bull Dennis Gartman has liquidated his gold position and admits that long gold positions have now become risky. Gartman is the publisher of the widely read daily Gartman Letter and came into international attention for correctly forecasting the 2008 commodities slump.

In the newsletter, Gartman says that one should not own gold in Euros since gold has broken below its 1275/oz Euro technical support. “Those not already out of the gold side of this trade should be out immediately. We again take up the notion that when we wish to own Gold again in the future… and most certainly we shall… we’ll own gold or gold equivalents”

In a separate CNBC interview, Gartman echoed the same sentiment and stated that he expected gold prices to fall to $1450/oz before breaking $1800/oz.

Barclays Capital meanwhile has suggested that they expect gold prices to average $1875/oz in Q4, 2011. But with just over a fortnight remaining for the end of the quarter, it seems that Gartman may prove himself right yet again.