Reiterate Buy Rating on Gold

Thurgy reiterates 'Buy' rating on Gold.

Dennis Gartman bailed on Gold and says he's bearish on the yellow metal.  I've found myself on the opposite side of the trade once, which was written about in 'UBS sees $20 oil, $300 gold in 2009' and  'Gartman wtf?'  It was less than 30 days later when he was saying he is upping his target on gold as soon as it breached 1000, only to have it reverse.  Kass vs Gartman celebrity deathmatch anyone?

A failure of 880 and Gartman wins.  Otherwise get long and wait for him to turn bullish before looking to exit a trade.  Gartman also said for the first time we'll have deflation and inflation at the same time because wages are under deflationary pressure and now the threat of the costs of goods rising.  My definition could differ from his but that's stagflation, and we've had it before.  

Reasons I like the power play in gold here.

• We are entering the seasonally strong months in gold
• Gartman bailed
• I like the chart I posted here.
• Currency instability worldwide.  
• Protect purchasing power.
• China acquired a large portion sold by the IMF (China is in a dollar trap)
• Lots of bearish bets on Gold right now mostly for the wrong reasons.

Here are just a few of the quirks of trading Gold:

• Market goes up, Gold down...sometimes
  
• Market goes down, Gold down...sometimes.
  
• Central bank dumps mega-tones, Gold goes down...sometimes.
  
• Central bank says something, currency moves, Gold moves.
  
• Nobody know wtf is going on, Gold goes up.
  
• All is well, Gold drops off like a prom dress.
  
• Gold moves, currency moves. Currency moves, Gold moves.

Trading Ideas

I prefer to trade gold in the futures market but there are GLD, GDX (Gold miners), UGL (Ultralong) etc... 

I have no problems being wrong or looking foolish with this call.  I have ideas behind the trade as opposed to listening to someone on TV.  But then again blaming the TV for bad trades sounds reasonable.

Edit: The only difference between my stance then (post linked above) and now is that I'm not been short of oil for months.