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A compliment for GATA from Peter Grandich

Section: Daily Dispatches

By Peter Grandich, Toronto
Thursday, July 30, 2009

While I never felt that the gold market was manipulated to the extent some within the GATA ( community do, I believe their principal argument is correct. No one makes that argument better than Chris Powell of GATA. Chris is a true gentleman. I always look forward to being in his company.

Yesterday Chris penned this letter, "The Gold Market Really Isn't About You, Dennis":

I couldn't agree with it more. Dennis Gartman is one of two horrific-performing gold forecasters whom the financial media has made into false prophets. We all make wrong predictions, but when one is constantly wrong but is never taken to task for poor performance, it leads many people over the cliff with him.

This is not jealousy or envy on my part but just something I've learned in 25 years in this business. I believe understanding it will help readers avoid or lessen losses.

I agree with Chris that Mr. Gartman was not really showing humility. I believe Gartman wrote as he did because his poor performance was affecting his business -- and not just limited to gold. Because Gartman seems to thrive on attention (when I shared a stage with him or heard him I found him to have a big ego), I believe that his "confession" would not receive absolution in my church. For him to think that his opinion was so popular that his own advice was sabotaging his market performance is really just another part of an inflated ego.

Thanks, Chris, for your keen observation and the work you and GATA do for a market that is clearly manipulated and maybe more than I had felt until now.


Peter Grandich is market analyst for

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