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Somehow Dennis Gartman Made 1.6% In A Day When The Market Ripped Against Him
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 02/16/2016 09:12
Something strange is going on. Heading into the Friday open, in his daily letter to “clients”, Dennis Gartman said that in his “retirement portfolio” he was short the market and long gold, to wit:
In our own retirement fund here at TGL, we have essentially the same positions that we’ve had for the past several days… and in the case of gold, for the past several months and years; that is, we are long of a small position in a small coal mining company; we are long of gold in terms of Yen, EURs and US dollars (the latter via the shares of the largest gold mining firm in North America, against which we are short of now deep-in-the-money calls) but we are net-short of the market via derivatives.
He also provided a P&L update: “For the year-do-date, we are up 5.7% in our retirement funds, pleasantly out performing our International Index by 19.1% thus far and outperforming the S&P by a somewhat smaller 16.2%.”
Which is great: a cynic would ask if Gartman was up because he was fading the calls Gartman was giving his “clients”, but we are not cynics, and instead will congratulate Gartman on his long overdue “outperformance.”
The post Somehow Dennis Gartman Made 1.6% In A Day When The Market Ripped Against Him appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/16/somehow-dennis-gartman-made-1-6-in-a-day-when-the-market-ripped-against-him-2/
