‘PANIC IS EVERYWHERE’: Gold Market Crashes, Chinese Growth Slows, ECB Put Pressure On Insolvent European Country To Sell Gold To Fund The Bailout, Wells Fargo, JPMorgan, Citi Results Suggest Housing Market Slowing And Consumer Is Still Deleveraging. Will Investors Start Dumping Stocks?
April 15th, 2013
Gartman on Gold: We’ve Never Seen Anything Like It
Gold prices continued to plummet Monday on concern that Cyprus will have to sell excess reserves of the precious metal to raise about $522 million to help finance that country’s $13 billion international bailout, Dennis Gartman, editor of The Gartman Letter, told CNBC.
“There are a lot of people throwing up their hands. Throwing positions overboard. Panic is everywhere,” Gartman said in a “Squawk Box” interview on Monday. “I’ve never seen anything like this. I mean it.”
Gold prices broke below $1,400 on Monday, as investors dumped shares of gold miners on worries over their profitability as the yellow metal hit its lowest level since March 2011.
“We’ve traded gold for nearly four decades and we’ve never… ever… ever… seen anything like what we’ve witnessed in the past two trading sessions,” Dennis Gartman, the editor of The Gartman Letter said in a note on Monday.
“We fear that when N.Y. opens hours from now, and when the public sees the damage done to their accounts, there will be one more violent sum of selling that hopefully shall clear the decks. However, we cannot be certain that that is true and the ‘true believers’ in gold are clearly under duress.”