the problems within the EUR zone worsen it seems by the hour and the political make-up Europe

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 dennis@thegartmanletter.com                          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,

since these were unpaid invoices. hours worked. However.91 be “on the production side due to the effects of the earthquake.75 Cents + . If the Spanish localities and regions are hiding fiscal problems. they appear nowhere on the nation’s collective balance sheet. shocked” to find that accounting problems abound in Spain and will be even more “shocked.24 Rupees Bullard is not a voting member of the FOMC this year. FRB Chicago Richard Fisher.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. 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. The BOJ said that “there is a high degree of uncertainty about the effects of the earthquake disaster on Japan’s economy.46 Cents + ..1% indefinitely and that its version of QE… the asset purchase program… shall be kept at ¥10 trillion. with the o/n call loan rate held at 0.72 11. Missouri.9645 1.55 1. The deeper problem is that Spain is likely not alone in this regard. the voting members of the FOMC this year are.7880 . FRB Minneapolis Charles Prosser. Mr..91 6. 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 81.6210 1. the President of the Federal Reserve Bank of St. far faster and deeper than had been feared or expected… because of the quake and the Bank chose to keep its current policies intact. what then of Italy’s. we’ve no idea what this report shall show and we are not familiar with the Index itself. On Friday. Quite honestly. James Bullard. Late today.11 Centavos + . in alphabetical order: Dr. Louis is scheduled to give a speech in Park Hill. but apparently we would be wrong. 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.” 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. 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 .50 81.37 27.” and we shall have to agree. Board of Governors Moving on from Europe and turning our attention to Japan.61 1. employment. the always camera-ready Mr. so too these others. 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 ’10.50 Cents + 1.05 Yen + 3.. Chairman William “Bill” Dudley of the Fed NY Elizabeth Duke.6160 28. income.45 Centimes + 1.6255 . Ben Bernanke. housing et al.9795 .8830 . unemployment. FRB Dallas Narayana Kocherlakota. Just for remembrance sake.7%.0695 . Further.0-0. what then of the Greek municipalities? We can be reasonably certain that the same tricks of accounting that the Spanish have pursued. Board of Governors Charles Evans.50 Centavos + . personal consumption expenditures.40 Pence + 1.40 Renminbi + . The vote to hold steady was unanimous. Board of Governors Janet Yellen. noting only that it uses 85 economic data points drawn from production.46 Rubles + .4970 6.4319 .8785 1. the market is “shocked. while pressing for tax revenues harder and harder. Mkt Japan EC Switz UK C$ A$ NZ$ Mexico Brazil Russia China India US$Change . this index is not regional.0520 1. Here in the US.3973 1. Board of Governors Daniel Tarullo. but is national in scope.75 Cents + . twice that of seven years earlier and 13% of the total outstanding debts of the country. Like the Prefect of Police in Casablanca who was “Shocked.7955 11. what then of Portugal’s.15 44. the Bank reported that GDP in Japan fell at an annualised pace of 3.4930 45. FRB Philadelphia Sarah Bloom Raskin.6115 1. and something we think our clients should clip out and keep at hand.

86 339. Oklahoma and the high plains of Texas. net short of wheat.00 1751. up from 36% last week. it is almost certainly not: 05/23 1510.35 341. the C$/Yen position of course. interestingly.63 6. which is now only 40% planted. that but that was indices. which is already lost entirely and which is making new lows as we write. crude oil and wheat and nickel and cotton are commodities. and that is only a bit below the 5 year average. 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. There will be some planting done this week in the Midwest and Gold Silver Pallad Platinum GSR DJ/UBS Reuters + + + + 8. the propensity for the US and Canadian dollars to rise relative to the EUR shall be high and rising. fighting one another. The “specs” liquidated corn.64 724.00 1. Most problematic of all is the spring wheat crop. for much of strength predicated upon the sharp rally in crude oil on Friday. and keeping the rains flooding much of the upper Midwest and the Mississippi River basis.0 34. but precious little progress has been made.55 160.00 18. but for now we shall sit in the Canadian prairies.0 43. We note them here for we are more and more “seeing” gold as a currency rather than as a commodity. shall are prove damage wrought upon the hard red winter wheat crop in western Kansas. but gold is a currency and we see it as such.56 05/20 1501.60 162. copper’s a commodity.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 . We are the more comfortable with gold positions than we are with tight. Beans can be planted as late as the 1st week of June and a crop can still be made. for as the crisis in Europe widens and deepens. while the areas south and west of southwest Kansas into Oklahoma and the high plains of Texas remain drought ridden. soybeans and wheat last week and are now. Being short is probably not wise. The stronger dollar is going to lay waste to many commodity markets today.27 730.60 . A bit more than 40% of the soybean crop will be reported planted later today. and perhaps the only strength shall be in gold and perhaps too in the grains. horrid weather conditions across so much of the grain producing region of the US and Canada. the latter of which are the “beneficiaries” of continue. but far less than had been hoped for.0 42. But it is behind and much of the hoped-for crop will not be planted at this late date. The weather reports are of continued rain where rain is not needed and continued drought where rain really is needed and needed badly. anything planted later than May 15th is very much at risk at the end of the crop year for early frost and the like. Yen and US dollar terms.4 35. Two low pressure systems have been stuck in North America.05 0.00 1769.9% 0.We are short of Yen against the Canadian dollar and we are long of gold in Sterling. We see no reason to change our thesis. Indeed. 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. the spring wheat crop this year is all the more important. Silver’s a commodity. but even that is growing problematic. but by now the corn crop should be almost fully in the ground.30 ephemeral we fear.

which has been very strong resistance heretofore. On Friday. we note that the “managed account” positions. there will be enormous upside potential in this market when conditions are ripe. the highs almost certainly will be taken out. We shall continue to allow others more favourable disposed to trading silver to do so. Our good friend. we shall continue to focus our attention upon gold given the latter’s far lesser volatility. but it is interesting to note how materially have the ‘specs” liquidated their positions. As our friend. This is +1.54 million tonnes of crude. It is also interesting to note how strong gold is this morning given the collapse in crude oil prices. Working was the gentleman at the Stanford Food Institute who decades ago proved the importance of the term structure in the futures market. 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. At that time. Philip Verleger. If gold is able to move upward through $1510 this morning. It has broken out to the upside too in Sterling terms. given the weakness in stocks around the world. That would be impressive. It is not to be taken lightly that as crude oil prices scampered higher Friday. sending it down to $1505 for a few brief moments. Looking at the data. the market is quietly saying that higher prices lie ahead. Working proved that futures prices move higher and/or lower depending upon inventories that the market wish to carry or wishes not to carry. even lower prices lie just ahead. 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. their net long position in silver has been cut back to the levels prevailing in late February/early March. We pay heed to how the term structure acts on a daily basis.” Dr. depending upon demand. according to the CFTC reports have been steadily liquidating their long positions in silver for some time now. 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. and given the general course of liquidation in most things “hard. Or when prices are falling and the contango narrows and/or extant backwardations widen. . following gold to the upside.” Gold opened the day at $1515 in Asian dealing and it has since been leaned upon hard by someone or something. one of his sources… Dan Noricini and quite honestly we know nothing about Mr. John Brimelow reports regarding this fact... properly over-turning Keynes’ previous thesis on the universality of backwardation in the futures market… a circumstance that simply did not exist. the front months for both Brent and WTI lost ground relative to the deferred futures.8% above that of a year ago. 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. but this is far below . the price of silver was trading closer to $17/ounce compared to the near $50/ounce seen only a few weeks ago.3 million bpd. Firstly. Turning to silver. It is our preferred arena. 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 21.5/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. the contango in WTI widening while the backwardation in Brent narrowed: bearish signals in a rising market. or approximately 5. Dr. with the large specs having been greatly cleaned out of the silver market. suggesting weakness ahead. ENERGY PRICES ARE QUITE SHARPLY LOWER as both Brent and WTI crude oils are down more than $2. Certainly they were last week. 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. for as we write gold is trading £937 and that has broken out through the “pennant” formation rather evident in the chart this page. Dr. There are ample supplies of crude above ground and/or available to the market.

17-22 OPEC Basket $107. Further. but we were wrong in of that level will create new and greater selling pressures adding too quickly to the positions. As it is.89-94 AugWTI down 184 98. those positions back and that shall be harder than the initial trade. we look further that that level is rather like dunces instead.79 05/16 Henry Hub Nat-gas $4.772 62.991 7.266 9. with the market closing hard upon its lows for the day. But those lows are morning to be rather going to be put to test genius. The last week… and had we Dow. has named himself Iran’s Oil Minister. so it waited for one more day was indeed far from its we’d have looked this lows. also where the 50 day We were right to be short moving average of stocks and we sold “resides.08 Finally. Mr. with the market seemingly breaking what had appeared to be reasonably strong support along a well defined trend line… cf. 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.597 TGL INDEX down 1. given the rotation of the presidency of the cartel.652 5. will be attending the meeting and will. 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. wouldn’t one? We’ll answer our own question: “Yes. chair the meeting.70-75 OctWTI down 174 98. 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 12.647 2.what we might have expected from an economy growing at 9%+ and must do so in order to give everyone there a job.8% and 1.461 22.351 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. having today and we note been stopped out. for the imports of nat-gas too were higher than that of a year ago but were well below expectations.0% 8. one would!” Jul WTI down 189 97. Damage has been done to the psyche of the market.512. the chart this page.804 4.31-36 SepWTI down 179 98. made paid no attention to the its way all the way down fact that the market had to 12. the next OPEC meeting shall be in early June. . making for a much more interesting than usual OPEC meeting.512 13. rising only 1% year-on-year. it has been the bell whether market and its bell was badly rung today. The Saudis will not like that… and will clearly chafe at that fact.98-03 NovWTI down 172 99. an economy growing at 9%+ would seem to needed yearon-year increases of crude oil and nat-gas to be cheerily greater than 1.380 level early in rallied on lesser volume the week and closed and closed our eyes and Friday at 12. the lesser-than-expected increase in crude imports was not a fluke.” and a breech them on the day after the high. Now we have to get from the “systems” traders that more and more abound. Concerning the Chinese market. Again.948 3.0% respectively. for example. Ahmadinejad. with the Chinese market breaking any and all support and making the psychology of the market all that much more tenuous in nature. and it is to be all the more interesting given that Iran’s President. and more is being done today.

and Scud-C missiles to be deployed on the base missiles with a trajectory range of 177 to 932 miles. travelling today to Moneygall. for the participation rate was estimated at 65%. The government in Madrid has tried… unsuccessfully… to keep nothing sham. the Paraguana Peninsula is at the upper left of the map. Finally. Even so. not a true peninsula. just below the island of Aruba and just to the west of Bonaire. the unemployment rate may be as high as 35-40%. It appears that the base in Venezuela will be manned by Iranian missile The and officers Venezuelan AND by ON THE POLITICAL FRONT. saying that Bildu is organisation ETA. For those under crisis. Scud-B. it is an island. We are told that the participation in the same regional/municipal elections last time was less than 55%.]. Note: Looking at the map this page.Indeed. If these reports are true. normally the turn-out in Spain for local and regional elections is small. 25 years of age. as noted on p. much worse amongst the young.1 early in this morning’s commentary. Zapatero’s the across entire country. where is great-great-great-great grandfather lived and then delivering a speech later today in Dublin. and that it was this that caused his party to lose so badly in the elections. The votes were handily against Socialists Mr. Tomorrow he will be in the UK and then will be attending the G-8 . Zapatero said that “It has not been easy to explain the nature of the [economic] crisis” to the people of Spain. Spain’s unemployment rate is 20+% but it is much. 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. the Socialists in Spain have been handed a huge loss. separatist Bildu more front from than for the a the ballots. we are fearful that some sort of “flash crash” type circumstance may well develop if and when that 50 day moving average is violated. He will be there through tomorrow. In reality. Mr. 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. agreement reportedly calls for Iranian Shahab 3. 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. Bildu took 25% of the votes cast in the Basque region. Moving on. touching off round after round after round of sales on the computer screens of the world. and it appears that the elections… local and regional… have been won by the conservative People’s Party. At this point. 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. This time it was not. 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. and yet 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.” Iranian Revolutionary Guards.

China has become astoundingly more and more urbanized. 16.8% of the population had gone to university.7% 9.0% 15. and 13. Let’s round it to 1. In the past decade.74%.339.649 million … are 60+ years of age. 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.3% 8. for back at the turn of COMMENTS ON THE CAPITAL MARKETS SOME FACTS ON CHINA: Everyone. If we include Taiwan… population 23.842.3% still live in rural circumstances.6%. Since the previous census ten year previous.3 Finland +0. and given the problems noted above in Venezuela and including Iran.9% and the trend is clearly upward. excluding Taiwan. the Chinese are becoming rapidly more educated.5 EURO zone +0. 1. 63.3 France +0. Firstly.458 million… are 0-14 years old.371 billion and be done with it.266 billion to the present 2. Of those. moving from 1.1. 50.49% are “other” ethnic groups.73% are therefore women.93%.600… the population is 1.162. and over the past decade the “other” group has risen by 6.9% 9.. in 2000. Macao and Hong Kong. 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. let’s look at the actual population as compiled by the folks responsible for the census at the end of last year.84%. 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.. now that has fallen to 3. 8. but the population of all of China proper is a good deal larger than that.34 billion.1 Ireland .3% while those 15-59 years old have risen 3.. 939. Support for his foreign policies are higher than are those of his handling of the economy.5% 6.724. 177.7% of the population now living in urban environments while a small majority… 50. the century only 3. since 2000.9% Portugal .7 Italy +0. At the same time... 222.2% 14.14%.9% of the population lived in rural environs and 26. Demographically.. with 49.32%.3% 20.1% live in urban communities.summit in Deauville.7% 4.while GDP 1. .2 Source: Eurostat and the Hellenic Statistical Authority Note then the dichotomy between the “North” and the “South” in Europe.616 million… are between 15-59.44 members. 7.123… and Macao… population 582. For example.340 billion people is a lot of people.26%..300… and Hong Kong… population 7..36% and those 60+ have risen 2. Given the recent decisions regarding Israel and the 1967 borders.05% compared to 14. and given the “one child” policy in effect during that period we should not e surprised. the percentage of those less than 14 years of age has fallen by 6. unemployment is half of that in the South. 91. The size of the families has fallen over the past decade. 51. In the former. ten years ago.1% 8.51% of the Chinese are Han. his will be a busy week on the foreign policy front. For example.7 Spain +0.097. Interestingly. He will press that issue therefore.9 Netherlands +0.875.536.27% are men and 48. 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. However.92% while the Han population has risen 5.0% 11. so the country is growing older faster. the average family had 3. but now that has risen to a surprisingly large 8. China’s population has risen 5. CHANGE IN 1st qtr GDP: 1st and Unemployment Rate Unemployment Rate Greece +1.2.370. France later this week.1.2 Germany +1. 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.

5% 10 Yr U.2%.  We added to our positions in gold on Friday. 10% Corn. we wish to re-sell that which we covered and we did so immediately. 2. we own gold in nonUS dollar terms. And last Thursday morning we added to this trade. $8. in addition to the recovery of costs and attorneys’ fees. We own two agriculture-related companies and a meat producer as well as an ETF that tracks agricultural commodity prices generally. we’ve instead become long of Canada/short of the Yen.3%. transferred.4% in the South in the 1st quarter of this year compared to 0. 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. 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. but no representation or warranty. while our hedges have barely helped. Such information.S. but as noted last Thursday.44 Yesterday’s Closing NAV: $8. and as goes crude. we “swapped” EURs for Yen.” This dichotomy is only going to grow more and more severe over the course of the next several quarters. we are wiser also. statements. the C$. and International Copyright laws. so to shall go the stock market!!!! For the year-to-date our ETF’s NAV is -8. Each reproduction of any part of this publication or its contents must contain notice of Gartman’s copyright. 5% 10 Yr Canadian Bond Horizons AlphaPro Gartman Fund (TSX: HAG): Yesterday’s Closing Price on the TSX: $8. The information in this letter is not intended to be personalized recommendations to buy. L.transmissionmedia.ca/fundprofile_hap. Three in Yen Terms.7%. Last year our ETF rose 3. IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. industries. rather than being long of C$/short of the EUR. distribution. serves as a sub adviser to the products mentioned below.C. Gartman is not permitted to offer personalized trading or investment advice to subscribers. Long: We own “stuff” and the movers of “stuff.000 per infringement. at the end of the previous trading day. much smaller. the amount may be up to $150. views and opinions included in this publication. gold is trading £935.197. 10% Gold. We also did something we very. Affiliates of Gartman may at any time have.20.45 vs. May 11 crude initially at $103. Earlier last week we covered half of the position when July WTI crude was trading $97. selling or trading securities or other investments for their own accounts or for the accounts of their clients. Hopefully too. stored. 5% British Pound Sterling. disseminated. and an oil trust. hold or sell investments. a solicitation or an offer to sell the securities and reflects publicly available pricing information provided for informational purposes only. Nothing herein or in the subscription agreement shall limit or restrict the right of affiliates of Gartman to perform investment management or advisory services for any other persons or entities. INVESTING IN SECURITIES AND OTHER INVESTMENTS. able to fight another day. We own an “Asian” short term . The Gartman Index: 133. Long of Two Units of the Canadian dollar/short of Two Units of the Yen: Three days ago we bought the C$ and sold the EUR on a cross. Any further disclosure or use.51 vs. If you have received this communication in error. ending up with a long C$/short Yen position. Long: 15% C$. sectors and investments in which it believes subscribers may be interested. for the fundamentals of being short of the Yen are stronger and the technicals are also. except for the subscriber’s personal use. SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION.95.000 per infringement and. Thus yesterday morning.S. making the political differences between the two regions all that much more severe. buying one unit each of gold in US dollar terms and in Yen terms. while the Gartman Index for our notes is . buying more C$ and selling more Yen upon receipt of this commentary. views and opinions are expressed as of the date of publication.com/ScreensCA/CANProductUnderlyings. 5% Australian Dollars. Two in Sterling terms and Two against the US dollar. We are also short the Yen. or used. further transmitted. please notify us immediately by electronic mail or telephone. We also own the Aussie dollar against the Euro. except as permitted under the subscription agreement or with the prior written permission of The Gartman Letter. It is also trading ¥123. 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. Affiliates of Gartman serve as investment advisers to clients. statements. copyright law. The CIBC Gartman Global Allocation Notes portfolio for May is as follows: RECOMMENDATIONS 1. upon receipt of this commentary. Long of Seven Units of Gold. Fortunately. the Horizon’s AlphaPro Gartman Fund. We have been hurt badly recently in energy and raw materials. SUCH AS OPTIONS AND FUTURES.” We have exposure to the energy space via a Canadian oil sands company. government bond fund. dissemination or copying of this publication. publishing information about markets. 133. The Gartman Letter L.aspx?Produc tID=221&NumFixings=3 Existing investors in HAG should go to: http://jovian. or otherwise reproduced. 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.20 vs. As we write. The Gartman Index II: 109. We have a position in a domestic rare earth elements mining operation. very rarely do: we sold another unit of crude as July was able to trade to $104. Short of Two Units of July WTI crude oil: th We sold crude oil short Wednesday. 3. Good luck and good trading.GDP fell an average of 0. No license is granted to any subscriber. This publication is proprietary and intended for the sole use of subscribers. Now we wish we hadn’t. completeness or correctness. message or any attachment is strictly prohibited. No part of this publication or its contents may be copied. Investors in the CIBC Gartman Global Allocation Deposit Notes should go to: https://cibcppn. downloaded. 5% Copper. increase. nothing herein or in the subscription agreement shall limit or restrict affiliates of Gartman from buying.47 previously. Pursuant to U.78 vs. is made as to their accuracy.aspx?f=HAG&c=&l The following positions are “indications” only of what we hold in our ETF in Canada. acquire.S. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS. Even cutting positions massively last week and the week before didn’t help that much but we’ve survived. a nat gas trust. The information. and gold.8% growth in the “North. The following is not a recommendation. decrease or dispose of the securities or other investments referenced in this publication. dirty laundry being left out to dry all too publically. in the case of willful infringement. One more unit shall be sufficient. Dennis Gartman Disclaimer: This publication is protected by U. Anyone who says otherwise is itchin' for a fight. 10% Crude Oil Short: 20% Yen. The affiliates may give advice and take action with respect to their clients that differs from the information.02 previously.1.C. including limited partnerships and other pooled investment vehicles. 5% Swiss Franc. Treasury Note. 110. Oh. In EUR terms gold is €1079/oz and since Friday morning gold is up sharply in all currency terms. But as noted yesterday.90/oz. damages for liability or infringing a copyright may amount to $30. This disclaimer applies to any trial subscription. All rights reserved.8% and  our Index was up 19.49 CIBC Gartman Global Allocation Deposit Notes Series 1-4. Furthermore. views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable. stored in a retrieval system. returning to our two unit position. 5% Soybeans.20. Gartman is financial publisher. in any form or by any means. barely and we are much. statements. $8. we feared we’d the wrong position. (“Gartman”). express or implied.

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