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Did Dennis Gartman Move Out of Gold?
07 Dec 2011 EST - CNBC.com
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Dennis Gartman signaled a shift away from gold and into equities Wednesday, leading “Fast Money” traders to examine what it means.

Earlier in the week, the economist and publisher of The Gartman Letter suggested that stronger stocks would weaken gold .

“It’s interesting to see that gold had been gaining upon stocks for a long period time, and suddenly over the course of the past three weeks, four weeks or so, gold began to weaken,” he said. “I think what we have going on here is, as the year is coming to an end and as a lot of stock portfolio managers, who do own some gold, find themselves behind benchmarks. I think you saw them today swapping out of gold, moving into the stock market.”

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On Wednesday, Gartman wrote that gold was no longer “monstrously” outperforming equity.

U.S. gold futures were around $1,736 in midday trading.

Trader Steve Cortes said it was significant if Gartman was getting out of gold, someone who “absolutely hit the gold call out of the park.”

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