Gold futures or stocks? Analyst picks stocks.
On a day in which听gold prices听hovered around $1,600 an ounce, widely followed investor听Dennis Gartman听said there were better plays around.
听鈥淚 think one is going to do better by owning steel, owning copper, owning railroads, owning Apple, than one will doing being long of the gold market,鈥� he said Tuesday. 鈥淯p until August of last year, gold seriously outperformed equities.鈥�
听U.S. gold futures听dipped 0.7 percent to close at $1,594.80 an ounce, while听spot gold听closed down $12 at $1,592.96.
The noted economist and editor of听听said on 鈥淔ast Money鈥� that the precious metal continued to lag and reiterated his neutral view on the trade.
听Gartman made headlines when he announced that he had听, a move he said was justified.
听鈥淕old has begun to seriously underperform equities, and I moved, rather shockingly, to the point of being out of the gold market and long of equities against the euro, and it鈥檚 been a wonderful trade,鈥� he said.
听Last week, Gartman predicted that the听.
听For now, it would take significant trading action to get him back in the gold trade.
听鈥淲e鈥檝e seen reversals on charts before where you make a new low and then close higher on the day,鈥� he said. 鈥淲e鈥檙e going to have to see that sort of price action rather than price itself, or rather than some event.鈥�
