Dennis Gartman: I Was Wrong On Gold (GLD, UGL, GDX)

Dennis Gartman said on CNBC's Fast Money that he made a bad call when he said that gold is going to make a parabolic move higher. He explained that gold is making new lows, and the up trend looks like it's broken. Gold is also falling relatively to euro and British pound. He added that it looks like the game has changed and people are worried about deflation. Inflation is not an issue any more, and there are signs of the slowing of the economy and the non-growth of the monetary base. Dennis Gartman concluded that $1,260 has been the top, and he was wrong when he said that it is going to move higher. If you are interested in gold you can take a look at SPDR Gold Trust (ETF) GLD, ProShares Ultra Gold (ETF) UGL and Market Vectors Gold Miners ETF GDX.