Wondering where to put your money next? Is gold headed even higher, or is your portfolio going to do better if you look at equities instead? And how about that loonie?
Trading guru Dennis Gartman, author of the influential Gartman Letter, took your investment strategy questions at noon (ET) on Monday in an online discussion.
Mr. Gartman has been directly involved in the capital markets since August of 1974, after his graduate work at the North Carolina State University. He was an economist for Cotton, Inc. in the early 1970's, analyzing cotton supply/demand in the US textile industry. From there he went to NCNB National Bank in Charlotte, North Carolina where he traded foreign exchange and money market instruments. In the late 70's, Mr. Gartman became the Chief Financial Futures analyst for A.G. Becker & Company in Chicago, Illinois. Mr. Gartman was an independent member of the Chicago Board of Trade until 1984, trading in treasury bond, treasury note and GNMA futures contracts. In 1984, Mr. Gartman moved to Virginia to run the futures brokerage operation for the Sovran Bank. He has lectured on capital market creation to central banks and finance ministries around the world, and has taught classes for the Federal Reserve Bank's School for Bank Examiners on derivatives.
In 1987 Mr. Gartman began producing The Gartman Letter on a full-time basis. The commentary covers all financial markets, with particular emphasis on fixed income, foreign exchange, equity indexes, precious metals, energy and agricultural commodities. Clients of The Gartman Letter, L.C. include many of the leading banks, broking firms, mutual funds, hedge funds, energy trading companies, and grain trading companies.
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Sonali Verma, Globe Investor: Hello, everyone, thanks for joining us. Let's get started with a few questions on currencies:
Kevin Morris writes: For years you posited that the Canadian dollar would reach parity with the US dollar, much to people’s ridicule. Do you see the Canadian dollar returning to parity anytime in the near(er) future?
Dennis Gartman: Yes I do indeed still believe that the Canadian dollar will trade to parity… and beyond… with the US dollar. When I began that position many years ago, with the C$ trading 1.6000 (.6250 approximately) I was laughed at. Few laughed as it went through parity and beyond, and indeed it was the same people laughing at me when I chose to stand aside as the C$ was trading well through par who laughed as I chose to move to the sidelines. Now with the C$ trading back toward 1.15 Canada/US, it see the world looking to Canada as a country of stability; of reasonably stable financials; of a stable banking environment and as an exporter of the things the world needs. So, yes, Parity is again in the works.
Robert writes: Could Mr. Gartman suggest a ten year investment in a foreign currency or a foreign exchange that will do well by not being tied into US dollar fluctuations.
Dennis Gartman: A ten year investment? I cannot and I will not do that, for looking out beyond six months is quite beyond my ken… and beyond that of almost anyone else. I am a trader; I am not a clairvoyant.
