Gold set both a monthly high — and low — Wednesday, catching renowned commodities trader Dennis Gartman seemingly by surprise.
“This was really quite a day,” he said. “It’s one of those days when you say, ‘I don’t know what’s going on, but I’m selling some,’ because you have no choice. The next thing you know, it’s down $35.”
Gartman, who sold off some gold, pinned gold’s wild ride to a “lack of affirmation” from Federal Reserve Chairman Ben Bernanke that a third round of quantitative easing was forthcoming.
“Gold needs consistently easier monetary policies to push higher,” he said on “ Fast Money .”
U.S. gold futures dropped more than $91, or 5 percent, to close at $1,698.80 per ounce. Spot gold traded down almost 3 percent at $195.56.
The publisher of the widely followed Gartman Letter said that the price action in gold speaks for itself — and that more gold weakness was likely.Page 1 of 3 | Next Page