This action might not be possible to undo. Are you sure you want to continue?
itself is changing before our eyes. The elections… local ones scattered across 13 of Spain’s 17 “regions” and in more than 8,000 of the country’s municipalities… appear to have been won handily by the conservative People’s Party, but it is a bit premature to put a number on the size of the victory given that not all of the votes have
been counted at this early time. However, it does appear Monday, May 23rd, 2011 that the People’s Party has won and that the Socialists,
Dennis Gartman: Editor/Publisher who still control the federal government in Madrid under Phone 757‐238‐9346 Fax 757‐238‐9546 Jose Luiz Rodriguez Zapatero, have lost handily and Email firstname.lastname@example.org that, as we are wont to say, is a very, very good thing. London Sales: Donald Berman, Alberdon International Phone: 011 44(0) 79 8622 1110
The reason why these elections are so important is that Spanish municipalities and regional governments have a sad, but very real history of
GOLD VS. CRUDE RATIO:
How many barrels of WTI crude does it take to buy one ounce of gold? Presently, it is 15.25, but it’s been as high as35 back in ’71 and as low as 6 several times back in the ’90’s. We get the sense, however, that this ratio is heading a good deal higher and that gold will rise in value relative to crude oil.
covering up their real fiscal circumstances, running much larger than expected deficits, only to have them uncovered when turned out of office. In the past, with the economy moving higher; with real estate values rising; with unemployment
lower; with tax revenues high these problems could all be papered over and would disappear into the economic
OVERNIGHT NEWS: THE US DOLLAR’S TURNED
ether. Now, however, that is no longer possible. It was only a half year ago that the government in Catalonia “shockingly” revealed when the previous government was turned out that its debts were nearly double what had been previously reported! Before the election and the turning out of the previous regional government, the region’s debt-to-regional-GDP ratio was 1.7%. closer examination… done interestingly by Upon the
VERY,VERY MUCH FOR THE BETTER
and the EUR’s turned very, very much for the worse as
government that had been turned out… the real ratio was 3.3%. Catalonia will not stand alone in this regards. Spain’s Finance Minister, Ms. Elena Salgado, has said time and time again that the regional governments are not covering up new, unaccounted-for debts, at the same time that she and the Zapatero government have worked diligently to cut the federal budget deficit from 11% of GDP in ’09 to 9.3% of GDP last year and hopefully to something even lower this year; however,
05 Yen + 3. while pressing for tax revenues harder and harder. what then of Italy’s.6255 .75 Cents + . since these were unpaid invoices.91 be “on the production side due to the effects of the earthquake. Further. with the o/n call loan rate held at 0. noting only that it uses 85 economic data points drawn from production. Just for remembrance sake..24 Rupees Bullard is not a voting member of the FOMC this year.50 Cents + 1.50 81. the voting members of the FOMC this year are.7%. shocked to find that gambling” was going on in Rick’s Café Americain as he is being given his “share” of the proceeds from that same gambling. Mr. but is national in scope.6160 28. Mkt Japan EC Switz UK C$ A$ NZ$ Mexico Brazil Russia China India US$Change . Board of Governors Daniel Tarullo. FRB Philadelphia Sarah Bloom Raskin. the Bank reported that GDP in Japan fell at an annualised pace of 3. Quite honestly. FRB Dallas Narayana Kocherlakota.0695 . The Wall Street Journal last week reported that according to the central bank in Madrid the regional and local governments had nearly €21 billion in unpaid invoices on their books at the end of ’10. unemployment. Chairman William “Bill” Dudley of the Fed NY Elizabeth Duke. housing et al. hours worked. far faster and deeper than had been feared or expected… because of the quake and the Bank chose to keep its current policies intact.6115 1. the market is “shocked. Board of Governors Moving on from Europe and turning our attention to Japan. in alphabetical order: Dr.the market is more and more convinced that the progress made on this front is due to accounting “games” such as the government paying its suppliers later and later each billing cycle.40 Pence + 1.72 11. Here in the US.50 Centavos + . employment. the President of the Federal Reserve Bank of St.37 27. FRB Chicago Richard Fisher.91 6. Board of Governors Charles Evans.. personal consumption expenditures..0-0. the always camera-ready Mr. but apparently we would be wrong. Missouri. FRB Minneapolis Charles Prosser.9645 1.4970 6. the Bank of Japan earlier today held to its long standing thesis that the economy there “faces strong downward pressure” and that most of that pressure shall . Late today. and something we think our clients should clip out and keep at hand. James Bullard.6210 1.61 1.55 1. income. The BOJ said that “there is a high degree of uncertainty about the effects of the earthquake disaster on Japan’s economy.45 Centimes + 1. so too these others.11 Centavos + .” and we shall have to agree. The vote to hold steady was unanimous. Board of Governors Janet Yellen. On Friday.1% indefinitely and that its version of QE… the asset purchase program… shall be kept at ¥10 trillion.7955 11. what then of the Greek municipalities? We can be reasonably certain that the same tricks of accounting that the Spanish have pursued. If the Spanish localities and regions are hiding fiscal problems. Like the Prefect of Police in Casablanca who was “Shocked.4930 45. shocked” to find that they are extant in the other PIIGS and in many of the supposed fiscally prudent members of the EUR-zone: 05/23 05/20 Current Prev 81.7880 . Ben Bernanke. The deeper problem is that Spain is likely not alone in this regard. shocked” to find that accounting problems abound in Spain and will be even more “shocked.8830 . this index is not regional. there is a dearth of new economic data to deal with today with only the Chicago Fed’s National Economic Activity Index to be released.40 Renminbi + .15 44. However. twice that of seven years earlier and 13% of the total outstanding debts of the country. we’ve no idea what this report shall show and we are not familiar with the Index itself.3973 1.75 Cents + . what then of Portugal’s. Louis is scheduled to give a speech in Park Hill.4319 . they appear nowhere on the nation’s collective balance sheet.46 Rubles + .46 Cents + .0520 1.8785 1.” We would have thought that the production side would be supported because of the need to rebuild so much of Fukushima and other prefects on Japan’s east coast.9795 .
soybeans and wheat last week and are now. for as the crisis in Europe widens and deepens. horrid weather conditions across so much of the grain producing region of the US and Canada.0 43. We are the more comfortable with gold positions than we are with tight. anything planted later than May 15th is very much at risk at the end of the crop year for early frost and the like. but by now the corn crop should be almost fully in the ground. The weather reports are of continued rain where rain is not needed and continued drought where rain really is needed and needed badly. while the areas south and west of southwest Kansas into Oklahoma and the high plains of Texas remain drought ridden. Indeed. Yen and US dollar terms. but for now we shall sit in the Canadian prairies.9% 0. that but that was indices. and keeping the rains flooding much of the upper Midwest and the Mississippi River basis.64 724. but even that is growing problematic.We are short of Yen against the Canadian dollar and we are long of gold in Sterling. but far less than had been hoped for. The “specs” liquidated corn. the C$/Yen position of course. Being short is probably not wise.00 1769.4 35.63 6. Beans can be planted as late as the 1st week of June and a crop can still be made. and perhaps the only strength shall be in gold and perhaps too in the grains. shall are prove damage wrought upon the hard red winter wheat crop in western Kansas.00 1. But it is behind and much of the hoped-for crop will not be planted at this late date. The USDA will of course release its latest crop progress reports and we look for corn planting to be just a bit more than 80% completed compared to 63% completed last week. for much of strength predicated upon the sharp rally in crude oil on Friday. The stronger dollar is going to lay waste to many commodity markets today. but precious little progress has been made. the propensity for the US and Canadian dollars to rise relative to the EUR shall be high and rising.55 160.7% Turning to gold… and again we “see” gold as a currency more than we “see” it as a commodity… we note that gold in EUR terms has broken decisively above €1060 .0 42. the latter of which are the “beneficiaries” of continue. A bit more than 40% of the soybean crop will be reported planted later today. which is already lost entirely and which is making new lows as we write. which is now only 40% planted. Given the COMMODITY PRICES as measured by the DJ/UBS and Reuters/Jefferies higher. and the propensity of gold to rise relative to nearly any and all currencies shall be higher and rising even more swiftly and more certainly. Two low pressure systems have been stuck in North America. net short of wheat.56 05/20 1501.60 162. interestingly. crude oil and wheat and nickel and cotton are commodities.00 18.00 1751. but gold is a currency and we see it as such.60 . There will be some planting done this week in the Midwest and Gold Silver Pallad Platinum GSR DJ/UBS Reuters + + + + 8. fighting one another. the spring wheat crop this year is all the more important. Oklahoma and the high plains of Texas. copper’s a commodity. up from 36% last week. Silver’s a commodity.30 ephemeral we fear.86 339. and that is only a bit below the 5 year average.27 730. We see no reason to change our thesis. Most problematic of all is the spring wheat crop. We note them here for we are more and more “seeing” gold as a currency rather than as a commodity. it is almost certainly not: 05/23 1510.35 341.0 34.05 0.
but this is far below . there will be enormous upside potential in this market when conditions are ripe. John Brimelow reports regarding this fact. Looking at the data. Dr. We pay heed to how the term structure acts on a daily basis. but it is interesting to note how materially have the ‘specs” liquidated their positions. That would be impressive. it will launch its next leg higher from a substantially higher price level…It is easily conceivable that the price could effectively double from the point at which that next leg higher commences. Turning to silver. for as we write gold is trading £937 and that has broken out through the “pennant” formation rather evident in the chart this page. It is our preferred arena. At that time. following gold to the upside. suggesting weakness ahead. depending upon demand.” Dr. Our good friend. or approximately 5. with the large specs having been greatly cleaned out of the silver market. the “big news” this morning is of reduced demand from the Chinese for the government there reported that crude imports into the country in April were 21.” Gold opened the day at $1515 in Asian dealing and it has since been leaned upon hard by someone or something. we shall continue to focus our attention upon gold given the latter’s far lesser volatility. .54 million tonnes of crude. ENERGY PRICES ARE QUITE SHARPLY LOWER as both Brent and WTI crude oils are down more than $2. This is +1.3 million bpd. Certainly they were last week. has written what we consider to be an important note on the crude oil market this week that he’s entitled “Homage to Holbrook Working. Dr. the market is quietly saying that higher prices lie ahead. the highs almost certainly will be taken out. Noricini but we like his thinking in this regard… said that the material decline in open interest on the part of the “specs” tells us is that once silver falls back into favor with the speculative crowd. Working was the gentleman at the Stanford Food Institute who decades ago proved the importance of the term structure in the futures market. even lower prices lie just ahead. If gold is able to move upward through $1510 this morning.. We shall continue to allow others more favourable disposed to trading silver to do so.which has been very strong resistance heretofore. properly over-turning Keynes’ previous thesis on the universality of backwardation in the futures market… a circumstance that simply did not exist.. We are seeing that weakness this morning and given that the contango in WTI continues to widen while the backwardation in Brent continued to narrow. sending it down to $1505 for a few brief moments.8% above that of a year ago. the contango in WTI widening while the backwardation in Brent narrowed: bearish signals in a rising market. On Friday. their net long position in silver has been cut back to the levels prevailing in late February/early March. we note that the “managed account” positions. There are ample supplies of crude above ground and/or available to the market. Or when prices are falling and the contango narrows and/or extant backwardations widen. the price of silver was trading closer to $17/ounce compared to the near $50/ounce seen only a few weeks ago. given the weakness in stocks around the world. It is also interesting to note how strong gold is this morning given the collapse in crude oil prices. As our friend.5/barrel below their highs on Friday afternoon and as the term structures continue to “shout” that even on the rallies crude is bidding to find storage once again. noting when prices rise and the term structure moves the contango wider and/or narrows the backwardation that the market is quietly signaling that lower prices lie ahead because “informed” money is deferring purchase of the good in question. according to the CFTC reports have been steadily liquidating their long positions in silver for some time now. It is not to be taken lightly that as crude oil prices scampered higher Friday. the front months for both Brent and WTI lost ground relative to the deferred futures. Working proved that futures prices move higher and/or lower depending upon inventories that the market wish to carry or wishes not to carry. Firstly. and given the general course of liquidation in most things “hard. one of his sources… Dan Noricini and quite honestly we know nothing about Mr. Philip Verleger. It has broken out to the upside too in Sterling terms.
has named himself Iran’s Oil Minister. Ahmadinejad. given the rotation of the presidency of the cartel.0% respectively. wouldn’t one? We’ll answer our own question: “Yes.0% 8. Again.804 4. Mr.512. also where the 50 day We were right to be short moving average of stocks and we sold “resides. with the market closing hard upon its lows for the day. and more is being done today. with the Chinese market breaking any and all support and making the psychology of the market all that much more tenuous in nature. one would!” Jul WTI down 189 97.461 22. those positions back and that shall be harder than the initial trade.772 62. an economy growing at 9%+ would seem to needed yearon-year increases of crude oil and nat-gas to be cheerily greater than 1.597 TGL INDEX down 1. for example.89-94 AugWTI down 184 98. and it is to be all the more interesting given that Iran’s President.08 Finally.380 level early in rallied on lesser volume the week and closed and closed our eyes and Friday at 12.70-75 OctWTI down 174 98.” and a breech them on the day after the high. chair the meeting. but we were wrong in of that level will create new and greater selling pressures adding too quickly to the positions. made paid no attention to the its way all the way down fact that the market had to 12. so it waited for one more day was indeed far from its we’d have looked this lows. Concerning the Chinese market. the lesser-than-expected increase in crude imports was not a fluke. As it is.652 5.512 13.948 3.8% and 1.17-22 OPEC Basket $107. will be attending the meeting and will. Further.647 2. the chart this page. . The last week… and had we Dow. making for a much more interesting than usual OPEC meeting. rising only 1% year-on-year. Some will argue that the trend line has not been broken definitively yet and we can understand that argument to some degree for technical analysis is not science. having today and we note been stopped out. The bulls shall argue that the market closed far done nothing… had we from its lows for the The Shanghai Composite Index been out of the office and week and that is of away from the screens course correct. for the imports of nat-gas too were higher than that of a year ago but were well below expectations. Now we have to get from the “systems” traders that more and more abound. it has been the bell whether market and its bell was badly rung today.31-36 SepWTI down 179 98. we look further that that level is rather like dunces instead. But those lows are morning to be rather going to be put to test genius. the next OPEC meeting shall be in early June.98-03 NovWTI down 172 99.what we might have expected from an economy growing at 9%+ and must do so in order to give everyone there a job. it is “art” and it is prone to debate: Dow Indus CanS&P/TSE FTSE CAC DAX NIKKEI HangSeng AusSP/ASX Shanghai Brazil down 93 up 27 down 8 down 37 down 92 down 146 down 392 down 87 down 89!!! up 230 12.79 05/16 Henry Hub Nat-gas $4. with the market seemingly breaking what had appeared to be reasonably strong support along a well defined trend line… cf.991 7.351 SHARE PRICES ARE VERY WEAK AND SHALL GET WEAKER and had we Friday’s “action” here in the US was abysmal to say the very least. The Saudis will not like that… and will clearly chafe at that fact. Damage has been done to the psyche of the market.266 9.
Indeed. and that it was this that caused his party to lose so badly in the elections.1 early in this morning’s commentary. Note: Looking at the map this page. The votes were handily against Socialists Mr. we are fearful that some sort of “flash crash” type circumstance may well develop if and when that 50 day moving average is violated. This time it was not. and yet Mr. the Socialists in Spain have been handed a huge loss. agreement reportedly calls for Iranian Shahab 3. the Paraguana Peninsula is at the upper left of the map. Mr. Other winning parties in the elections were the CiU… the Catalan nationalist Party in Catalonia and the Basque separatist party… Bildu… saw the percentage of its share of votes carry it back to 2nd place in the Basque homeland. 25 years of age. touching off round after round after round of sales on the computer screens of the world. We are told that the participation in the same regional/municipal elections last time was less than 55%. For those under crisis. In reality. not a true peninsula. Zapatero’s the across entire country. it is an island. the unemployment rate may be as high as 35-40%. If these reports are true. Spain’s unemployment rate is 20+% but it is much. The government in Madrid has tried… unsuccessfully… to keep nothing sham. Even so. normally the turn-out in Spain for local and regional elections is small. Scud-B.]. just below the island of Aruba and just to the west of Bonaire. Zapatero was very quick to say last evening that he does not see this as a referendum on his party or upon its ability to remain in power. and Scud-C missiles to be deployed on the base missiles with a trajectory range of 177 to 932 miles. Last November that Iran and Venezuela signed an agreement to establish a jointly operated military base in Venezuela and now they are moving ahead to finalise those plans [Ed. Finally. At this point. Moving on. Zapatero said that “It has not been easy to explain the nature of the [economic] crisis” to the people of Spain. much worse amongst the young. only a vote of noconfidence can bring the Socialist Party down and it will remain in power until new elections must be held in early ’12.” Iranian Revolutionary Guards. and it appears that the elections… local and regional… have been won by the conservative People’s Party. saying that Bildu is organisation ETA. travelling today to Moneygall. separatist Bildu more front from than for the a the ballots. as noted on p. It appears that the base in Venezuela will be manned by Iranian missile The and officers Venezuelan AND by ON THE POLITICAL FRONT. Bildu took 25% of the votes cast in the Basque region. it appears that Iran and Venezuela are up to enormous mischief for the former is apparently moving ahead with a program to build intermediate-range missile launch bases on the latter’s Paraguana Peninsula. where is great-great-great-great grandfather lived and then delivering a speech later today in Dublin. He will be there through tomorrow. for the participation rate was estimated at 65%. this cannot be allowed to stand and this will serve as President Obama’s “Cuban missile Finally the President is travelling this week to Europe and has only just landed in Ireland. Tomorrow he will be in the UK and then will be attending the G-8 .
and 13. moving from 1. the mainland’s population was SOME FACTS ON EUROPE: Given the “facts” on China and given the market’s collective and proper focus upon Europe.36% and those 60+ have risen 2.1. with 49. France later this week.7 Spain +0. China has become astoundingly more and more urbanized.49% are “other” ethnic groups.724.9% and the trend is clearly upward. 91.. 8..7 Italy +0.3% 20. The size of the families has fallen over the past decade. the century only 3. 63. 177.9 Netherlands +0.339. China’s population has risen 5.3% still live in rural circumstances.9% 9.6%. since 2000. everywhere knows that China’s population is high and is rising but we thought we’d take a look at what is really going on there as the population changes.3% while those 15-59 years old have risen 3. and given the “one child” policy in effect during that period we should not e surprised. ten years ago. and given the problems noted above in Venezuela and including Iran.summit in Deauville. so the country is growing older faster.74%. Firstly. excluding Taiwan.7% 9.. the average family had 3..0% 11.600… the population is 1.5% 6. He will press that issue therefore.34 billion.266 billion to the present 2.73% are therefore women. 1. He will finish his trip to Europe with a meeting with the leaders of the Poland before travelling back to the US later this week.3 France +0. and over the past decade the “other” group has risen by 6.842.32%.05% compared to 14. 7.44 members. Support for his foreign policies are higher than are those of his handling of the economy.7% of the population now living in urban environments while a small majority… 50.123… and Macao… population 582.3 Finland +0.2 Source: Eurostat and the Hellenic Statistical Authority Note then the dichotomy between the “North” and the “South” in Europe.84%. but now that has risen to a surprisingly large 8. the percentage of those less than 14 years of age has fallen by 6.93%. we thought it might be a good idea here this morning to put forth a few data points regarding Europe that are important… at least to us.92% while the Han population has risen 5. 51. 50. CHANGE IN 1st qtr GDP: 1st and Unemployment Rate Unemployment Rate Greece +1.2. his will be a busy week on the foreign policy front.2 Germany +1. 222. At the same time. but the population of all of China proper is a good deal larger than that...26%. In the former. in 2000. .27% are men and 48. Demographically.while GDP 1. For example. the Chinese are becoming rapidly more educated. In the past decade.616 million… are between 15-59.875.536. If we include Taiwan… population 23. unemployment is half of that in the South.1% live in urban communities.9% Portugal .649 million … are 60+ years of age.3% 8.7% 4. 16. 939.162.300… and Hong Kong… population 7.1 Ireland .8% of the population had gone to university. let’s look at the actual population as compiled by the folks responsible for the census at the end of last year. Interestingly.2% 14.097...1.5 EURO zone +0.14%. Given the recent decisions regarding Israel and the 1967 borders. Of those. His support amongst the Jewish community has been severely hampered by his “about face” regarding Israel and the new chasm splitting the President from his Jewish supporters shall only grow wider. Since the previous census ten year previous. Let’s round it to 1.0% 15. However.51% of the Chinese are Han. now that has fallen to 3.371 billion and be done with it.370. for back at the turn of COMMENTS ON THE CAPITAL MARKETS SOME FACTS ON CHINA: Everyone.458 million… are 0-14 years old.1% 8. For example.9% of the population lived in rural environs and 26. Macao and Hong Kong.340 billion people is a lot of people.
very rarely do: we sold another unit of crude as July was able to trade to $104.000 per infringement.3%. $8. except as permitted under the subscription agreement or with the prior written permission of The Gartman Letter.aspx?f=HAG&c=&l The following positions are “indications” only of what we hold in our ETF in Canada. And last Thursday morning we added to this trade. We are also short the Yen. decrease or dispose of the securities or other investments referenced in this publication. please notify us immediately by electronic mail or telephone. One more unit shall be sufficient. L. including limited partnerships and other pooled investment vehicles. and an oil trust.S.20. (“Gartman”).aspx?Produc tID=221&NumFixings=3 Existing investors in HAG should go to: http://jovian. except for the subscriber’s personal use. barely and we are much. stored. hold or sell investments. and International Copyright laws.C.90/oz. Even cutting positions massively last week and the week before didn’t help that much but we’ve survived. The Gartman Letter L. All rights reserved. Such information. the C$. May 11 crude initially at $103. 133. a solicitation or an offer to sell the securities and reflects publicly available pricing information provided for informational purposes only. in addition to the recovery of costs and attorneys’ fees. If you have received this communication in error. We have a position in a domestic rare earth elements mining operation. Fortunately.000 per infringement and. 10% Crude Oil Short: 20% Yen. Investors in the CIBC Gartman Global Allocation Deposit Notes should go to: https://cibcppn. Long of Seven Units of Gold. Good luck and good trading. Any further disclosure or use.49 CIBC Gartman Global Allocation Deposit Notes Series 1-4. The information. acquire. The Gartman Index II: 109. Short: We own a double inverse broad equity index ETF and a leveraged ETF that tracks the VIX Index while short S&P futures to hedge the positions mentioned above. sectors and investments in which it believes subscribers may be interested.” We have exposure to the energy space via a Canadian oil sands company. ending up with a long C$/short Yen position.” This dichotomy is only going to grow more and more severe over the course of the next several quarters. stored in a retrieval system. so to shall go the stock market!!!! For the year-to-date our ETF’s NAV is -8. the Horizon’s AlphaPro Gartman Fund.com/ScreensCA/CANProductUnderlyings. IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. Long of Two Units of the Canadian dollar/short of Two Units of the Yen: Three days ago we bought the C$ and sold the EUR on a cross. but no representation or warranty. completeness or correctness. while the Gartman Index for our notes is . a nat gas trust. rather than being long of C$/short of the EUR.8% and our Index was up 19. we “swapped” EURs for Yen. Long: We own “stuff” and the movers of “stuff. views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable. at the end of the previous trading day. The affiliates may give advice and take action with respect to their clients that differs from the information. Affiliates of Gartman may at any time have. We own two agriculture-related companies and a meat producer as well as an ETF that tracks agricultural commodity prices generally.78 vs. we feared we’d the wrong position. views and opinions are expressed as of the date of publication. further transmitted. Long: 15% C$. Pursuant to U.4% in the South in the 1st quarter of this year compared to 0. Hopefully too. the amount may be up to $150. disseminated. express or implied.1. while our hedges have barely helped. industries. 10% Corn. Three in Yen Terms. We added to our positions in gold on Friday.20 vs. copyright law. As we write.ca/fundprofile_hap. 110. but as noted last Thursday. Short of Two Units of July WTI crude oil: th We sold crude oil short Wednesday. we own gold in nonUS dollar terms. views and opinions included in this publication. Nothing herein or in the subscription agreement shall limit or restrict the right of affiliates of Gartman to perform investment management or advisory services for any other persons or entities.transmissionmedia. message or any attachment is strictly prohibited.GDP fell an average of 0. Treasury Note. Gartman is not permitted to offer personalized trading or investment advice to subscribers. for the fundamentals of being short of the Yen are stronger and the technicals are also.S. serves as a sub adviser to the products mentioned below. 5% Soybeans. $8. we wish to re-sell that which we covered and we did so immediately.47 previously. 5% Copper. 2.45 vs. 10% Gold. 5% Australian Dollars. buying more C$ and selling more Yen upon receipt of this commentary. Two in Sterling terms and Two against the US dollar.02 previously. Affiliates of Gartman serve as investment advisers to clients.S. Oh. We also own the Aussie dollar against the Euro.2%. The following is not a recommendation. SUCH AS OPTIONS AND FUTURES. In EUR terms gold is €1079/oz and since Friday morning gold is up sharply in all currency terms. But as noted yesterday.8% growth in the “North. we are wiser also. returning to our two unit position. distribution. nothing herein or in the subscription agreement shall limit or restrict affiliates of Gartman from buying. government bond fund. Each reproduction of any part of this publication or its contents must contain notice of Gartman’s copyright. We own an “Asian” short term . transferred. making the political differences between the two regions all that much more severe. No license is granted to any subscriber. 5% Swiss Franc. 5% 10 Yr Canadian Bond Horizons AlphaPro Gartman Fund (TSX: HAG): Yesterday’s Closing Price on the TSX: $8. buying one unit each of gold in US dollar terms and in Yen terms. SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION. Now we wish we hadn’t. and gold. upon receipt of this commentary. Gartman is financial publisher.44 Yesterday’s Closing NAV: $8. are subject to change without further notice and do not constitute a solicitation for the purchase or sale of any investment referenced in the publication. This disclaimer applies to any trial subscription. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS. statements. Last year our ETF rose 3. Furthermore. 5% British Pound Sterling. Dennis Gartman Disclaimer: This publication is protected by U. It is also trading ¥123. The Gartman Index: 133. or otherwise reproduced.7%. Earlier last week we covered half of the position when July WTI crude was trading $97. in the case of willful infringement. in any form or by any means. selling or trading securities or other investments for their own accounts or for the accounts of their clients. is made as to their accuracy. No part of this publication or its contents may be copied. This publication is proprietary and intended for the sole use of subscribers. We reserve the right to change our opinions at a moment’s notice and we reserve the right to take positions opposite of what maybe in our “Notes” and ETF from time to time as market conditions warrant. or used. 3. 5% 10 Yr U. publishing information about markets. INVESTING IN SECURITIES AND OTHER INVESTMENTS. Anyone who says otherwise is itchin' for a fight.197. The CIBC Gartman Global Allocation Notes portfolio for May is as follows: RECOMMENDATIONS 1. dirty laundry being left out to dry all too publically. The information in this letter is not intended to be personalized recommendations to buy.C. Gartman shall have no obligation to recommend securities or investments in this publication as result of its affiliates’ investment activities for their own accounts or for the accounts of their clients. dissemination or copying of this publication. damages for liability or infringing a copyright may amount to $30.95. We also did something we very. able to fight another day. statements. statements. increase. and as goes crude.20.51 vs. gold is trading £935. downloaded. much smaller. we’ve instead become long of Canada/short of the Yen. We have been hurt badly recently in energy and raw materials. Thus yesterday morning.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue reading from where you left off, or restart the preview.