Oct 24 Independent investor Dennis Gartman says
he is prepared to buy back the gold he sold when he cut his
holdings in half last week, adding prices would certainly move
"In light of the fact that gold is back to the levels that
we sold last week, we thought it wise to be on guard and
prepared to buy back that which we had sold," Gartman said on
Tuesday in his newsletter, the Gartman Letter.
On Oct 18, he cut his gold positions by half to take
profits, citing bearish technical signals and prospects of
margin call selling.
Gartman, who has long been bullish on gold priced in
non-U.S. currencies, has been buying gold in non-U.S. currencies
since mid 2009, when the precious metal was still trading below
$1,000 an ounce.
He said he was certain gold prices in Euro terms would
break upwards sooner rather than later.
"Gold is a currency; it has been for years and it shall be
for years going forward. A move upward through ?1,200 for gold
today or tomorrow or this week or next shall be impressive and
important," he said in the newsletter.
Gartman said he would buy three units of gold, one each in
dollar, sterling and euro terms.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by