Long-time investor Dennis Gartman said in a recent interview that hes exiting the gold market because it has become too crowded.
During an interview with Bloomberg TV on Wednesday (July 29), Gartman―economist, investor, and the former publisher of The Gartman Letter―said that he was socially distancing from gold until there is a correction to around $1,775 an ounce.
Gartman claims to have switched to a neutral position on gold, but would consider returning as an investor if the price declined $100 from any interim high:
Too many people all of a sudden are involved in the gold market. Theres only one position everybody has and thats long […] people have to be taken out of that trade.
Gartman, who said in April now is the time to buy gold and predicted an influx of retail investors, believes the market has become overcrowded:
I couldnt get too many people interested in gold […] two and three years ago but now its on the front pages of every report that you see.
He also predicted that a fall in overinflated stock prices could trigger a sell-off in gold. Gartman pointed to the correlation between the stock market and gold prices over the last several months, which could lead to the latter tumbling in the event of a stock market downturn.
On July 28, , the highly successful and world-renowned author of the Rich Dad Poor Dad series of personal finance books, who is super bullish on Bitcoin, had this to say about Gartman:
Dennis Gartman respected gold bull is out of gold. Thinks gold price has peaked. I agree. Silver still around $25 Oz. $50 next? Everyone can afford. If you have money Bitcoin is moving up. I am out of gold loading on silver and Bitcoin. What are you doing? Got silver and Bitcoin?
— therealkiyosaki (@theRealKiyosaki) July 28, 2020
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