A stock market rally on U.S. employment growth wasn’t enough to move noted commodities trader Dennis Gartman back into equities — or away from gold.
“I’m comfortable sitting on the sidelines,” he said on “ Fast Money .”
Gold hit a high of $1,714.90 per ounce midday after dropping to $1,670 in earlier trading.
The editor and publisher of the widely followed Gartman Letter said he remained positive on gold — “violently bullish in yen terms; I’m avoiding it in dollar terms” — and was “dead-solid neutral” on equities.
That position appeared solid, especially as the Indian rupee weakened and may have spurred buyers at the bottom.
“If you owned gold in yen terms, you never even get spooked,” he said, adding that a $10 drop earlier in the day did not cause him any worry. “It’s simply a better trade.”
The Labor Department employment report — showing a net gain of 227,000 new private-sector jobs — could bode well for equities.Page 1 of 4 | Next Page