Commodities capped the longest slump in seven months, paced by energy and agriculture, on signs of ample supplies of crude oil and grains amid increasing speculation that the Federal Reserve will scale back stimulus.
Dennis Gartman , a fund manager and the editor of the Gartman Letter, said his worst investment this year was a bet on grain before a U.S. Department of Agriculture report last week that showed an unexpected jump in corn supplies.
American farmers are poised to enjoy one of the greatest years ever for American agriculture as wheat prices skyrocket in the wake of Russia’s drought, according to Dennis Gartman, economist and editor of the Gartman Letter.
Dennis Gartman , the economist and editor of the Gartman Letter who correctly forecast 2008’s commodities slump, cut his gold position by half today and said yesterday’s drop makes him “nervous” that it may keep falling.
Gold prices in euros will rise to a record as Europe’s sovereign-debt crisis erodes the appeal of the 17-nation currency and boosts demand for the precious metal as an alternative asset, according to economist Dennis Gartman.