Dennis Gartman got out of gold last week, but he's back thanks to an inadvertent push by Federal Reserve Chairman Ben Bernanke.
"I was wrong in standing aside," said the publisher of The Gartman Letter . "Fortunately I didn’t stand aside on much. I got scared. The pros get more frightened than amateurs in this business, and the first rule is to keep your powder dry."
Gartman is a little unusual in that he owns gold in yen rather than in dollars, and last week he "thought the yen was going to weaken dramatically," which helped push him out of gold.
Then Bernankespoke to the National Association of Business Economics before the market opened Monday and said that with a continuing weak labor market, the Fedcould do more quantitative easing if necessary.
"Sometimes you get lucky" and "Dr. Bernanke got me a little lucky this morning," said Gartman. He said he "got lucky" with Bernanke's easing comments, indicating possibly another round, which would be QE3, is back on the table.
"If you'd ask people last week you’d think QE3 was off the table and broken on the floor," Gartman said. The thought of QE3 helped send gold higher.
But even before Bernanke spoke Gartman said "it was apparent to me the trend was still up" for gold. But he's not setting any targets.Page 1 of 7 | Next Page