http://www.cnbc.com/id/49216392?__source=yahoo|headline|quote|text|&par=yahoo
Dennis Gartman Going Long Gold, Corn, Nat Gas
Published:
Tuesday, 2 Oct 2012 | 6:30 PM ET
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By: Bruno J. Navarro
Producer
Producer
 |
The world economy isn’t likely headed for a meltdown, but exposure to gold [GCCV1
1733.40
2.50
(+0.14%)
] is still a good idea, noted commodities investor Dennis Gartman said Tuesday on CNBC.
2.50
(+0.14%)
] is still a good idea, noted commodities investor Dennis Gartman said Tuesday on CNBC.
“I
am not a gold bug. I don’t think the world is coming to an end, but I
think everyone needs to own some gold but the trend has been from the
lower left to upper right for a long time,” he said. “Gold is just
another currency.
“It
is doing well in other currency terms. We saw gold make a new high in
euro terms. It’s making new highs in yen terms. It is getting close to
making new highs in dollar terms.”
On “Fast Money,” Gartman said that his preferred trade was in the gold ETF [GLD
167.82
-0.17
(-0.1%)
], bullion or a big player such as ASA Gold and Precious Metals [ASA
23.16
-0.23
(-0.98%)
], rather than in junior miners [GDXJ
23.94
-0.002
(-0.01%)
].
-0.17
(-0.1%)
], bullion or a big player such as ASA Gold and Precious Metals [ASA
23.16
-0.23
(-0.98%)
], rather than in junior miners [GDXJ
23.94
-0.002
(-0.01%)
].
“I
think gold stocks will probably overperform for the near time,” he
said. “I will stay away from the juniors. I just don’t venture there.”
In the energy space, Gartman revealed that he held long positions via a Canadian fund in natural gas and short in crude oil.
“I think being long of nat gas [NGCV1
3.496
-0.007
(-0.2%)
] and short of crude [CLCV1
85.99
-0.08
(-0.09%)
] makes sense,” he said. “I will go with that trade.”
-0.007
(-0.2%)
] and short of crude [CLCV1
85.99
-0.08
(-0.09%)
] makes sense,” he said. “I will go with that trade.”
In agriculture, Gartman noted that the U.S. drought conditions were widely known.
“Grain
prices got extremely extended on the upside. They’re are beginning to
look rather weak,” he said. “If you need to own one corn [CCV1
736.50
-2.25
(-0.3%)
] is the one to own. If you need to be short one, you probably need to be short of soybeans [SCV1
1426.25
-25.00
(-1.72%)
].”
-2.25
(-0.3%)
] is the one to own. If you need to be short one, you probably need to be short of soybeans [SCV1
1426.25
-25.00
(-1.72%)
].”
Trader
disclosure: On Oct. 2, 2012, the following stocks and commodities
mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned
by the “Fast Money” traders: Dan Nathan is long AAPL OCT 700/705 CALL
SPREAD; Dan Nathan is long XLY NOV 46/44 PUT SPREAD; Dan Nathan is long
YHOO JAN 17/5 CALLS; Dan Nathan is long FB NOV/JAN 22 CALL SPREAD; Dan
Nathan is long GOOG 715/680/645 PUT FLY; Steve Grasso is long AET; Steve
Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA;
Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long
LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is
long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve
Grasso is long WYNN; Simon Baker is long AAPL; Simon Baker is long GS;
Simon Baker is long AMZN; Simon Baker is long GOOG; Simon Baker is long
MDLZ; Simon Baker is long LEAP; Simon Baker is long CSTR; Stephanie Link
is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC;
Stephanie Link is long SBUX; Stephanie Link is long KFT; Stephanie Link
is long MDLZ.
______________________________________________________
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