authorities continue to WE’RE OUT OF THE 

warn of actions they OFFICE TODAY: We are on 

intend to take to stem our way to Raleigh, N. Carolina 
today to attend the quarterly 
the Yen’s advance but meeting of the NC State 
which never come to University Endowment 
Investment Committee so our 
fruition. Sounding very
offices are effectively closed; 
like the most broken of however as is almost always 
records we shall say the case, TGL is appearing in its 
regular format. 
     yet again that the Yen
Friday, September 10th, 2010                      
is egregiously over-valued and that it
Dennis Gartman: Editor/Publisher                            should be trading closer to “par” than
Phone 757‐238‐9346    Fax 757‐238‐9546                to 85 Yen/dollar for any and all sorts
Email dennis@thegartmanletter.com                   
of economic reasons, but the time is
London Sales: Donald Berman, Alberdon International                       
not yet upon us to be short of the
Phone: 011 44(0) 79 8622 1110 
Yen. Indeed the trend is still so marvelously
entrenched that the only position one can have at this
Kansas City December point if one must have a position at all is long of the
Hard Red Winter Wheat Yen vs. the US dollar or vs. the EUR, or vs. nearly any
currency in the G-7 et al. But we’ll not do that. We’ll
recommend no position being taken, and we’ll remain
hard upon the sidelines watching as others struggle
with the currency.

Regarding intervention, once again we suspect that the

Ministry of Finance knows that unilateral intervention
may succeed but likely won’t and therefore until it is
able to gain the support for any intervention efforts
OVERNIGHT NEWS: 
from either the Treasury here in the US or the ECB in
THE FOREX MARKET IS REALLY Europe there will be no intervention at all. There will
be much talk of intervention, but there will be little if
RATHER QUIET with all eyes still upon the
any action. The MOF, we are certain, is all too aware
Yen/dollar rate which continues to hover near decade
of the all-too-obvious non-success that the Swiss
and one half highs for the Yen and where the
National Bank has exposed itself to in its intervention
efforts over the past year hoping to stem the Franc’s
strengthen against the
THE FED ST. LOUIS  EUR. The SNB has
ADJUSTED MONETARY  tried and tried and
BASE:  Once again we note  tried again to stem the
that the base has not been  Franc’s rise, only to
growing at all since last October, 
and were it not for the growth of  have the market
cash the base would actually be  nearly laugh at those
collapsing. This is deflation of 
the first and worst order and it 
intervention efforts
merits our attention.  and in the process
“lose” billions of
dollars in the process and lose “face” at the same
time. The MOF wants none of that, hence intervention tweaking-at-the-margins we see nothing we wish to do
is possible of course but is highly… indeed very… other than be even more patient than we have been;
unlikely until such time as a “partner” can be cajoled
09/10 09/09
into action. None is likely to be forthcoming.
Mkt Current Prev US$Change
Japan 83.90 83.65 + .25 Yen
Why won’t the US intervene? Because the decision to EC 1.2726 1.2687 - .39 Cents
intervene is Treasury’s decision. The Fed would Switz 1.0195 1.0155 + .40 Centimes
actually be the one to effect the trade, but Treasury is UK 1.5445 1.5380 - .65 Pence
C$ 1.0315 1.0355 - .40 Cents
the one to make the call to act and Treasury would A$ .9225 .9245 + .20 Cents
rather have a weaker dollar than a stronger one, all NZ$ .7255 .7255 unch Cents
Mexico 13.00 13.01 - .01 Centavos
things otherwise being equal. Treasury, in other
Brazil 1.7185 1.7250 - .75 Centavos
words, loves the dilemma that the Japanese authorities Russia 30.86 30.88 - .02 Rubles
find themselves in and has no intention of taking any China 6.7625 6.7817 - 1.92 Renminbi
India 46.21 46.59 - .38 Rupees
action that shall strengthen the dollar and weaken the
Prices "marked" at 9:00 GMT
Yen.
Once again, we draw our clients/readers/friends’
Nor shall the monetary or collective attention to the
political leaders in Europe be chart of the adjusted
enlisted in any actions taken monetary base as compiled
by the MOF and the BOJ to by the Federal Reserve
weaken the Yen, for they too Bank of St. Louis, the
rather enjoy seeing the Yen keeper-of-the-flame of
strengthen, enabling Monetarist thought here in
The EUR vs.
European products to be sold the US. Note once more
the US$
into the world export market at that since last October the
“cheap” prices. So again, the base has not grown at all,
Japanese monetary and this we find highly
authorities find themselves very much out in the cold deflationary. Yes we do indeed understand that in the
with no one around to give them aid, comfort or even a run-up to last October the Fed had expended its
tattered jacket. It’s lonely out there. balance sheet materially, but the base really needs to
grow every week, every month, every year by some
As for the EUR, the technical situation continues to be
amount that we think should equal the hoped-for
as tenuous as we thought yesterday, with support for
growth in population + some estimate of long term,
the EUR at the 1.2635-1.2650 level still holding… thus
non-inflationary growth in GDP. Since last October it
far. That support was put to test in Asian dealing and
has grown not at all, and again were it not for the fact
has held. We do not expect that support to last
that the currency component of M1 has leaped higher
however, and we fear that below 1.2625, as we’ve said
the adjusted monetary base would have contracted
previously, “There be dragons!” Trade accordingly.
during this same period!! Remember, cash is the very
We are short of the EUR while we are long of the definition of deflation, for cash is lost to the banking
Aussie and Canadian dollars. We’ve had these cross system, not to be reserved for, lent, reserved for again
trades on in some form for the past many months and and re-lent again as normal reserves are utilized.
we’ve been rewarded for our patience. At this point,
The chart the page following of weekly jobless claims
the Aussie/EUR cross has gone a bit too parabolically
shows how materially did claims fall last week and
for our purposes in recent sessions and we’ve
reported yesterday. To reiterate, claims fell from 472
“swapped” Aussie for Canada, but other than this
thousand the previous week to “only” 451 thousand
“this” week. However, the number came under swift 1988 1.261 billion
and proper scrutiny, for the Labor Department was 1989 .792
1990 .536
quick to add that they had to make estimates for nine 1991 .868
of the fifty states reporting because of the Labor Day 1992 .475
holiday. Later, as the report was debated, the Labor 1993 .531
1994 .568
Department reiterated that it believes the number to be 1995 .507
correct and that is statistical surveys shall stand any 1996 .376
1997 .444
further scrutiny. We’ve no choice but to accept that and
1998 .722
move on, and so we shall. 1999 .946
2000 .950
Finally, and once again discussing the US dollar as the 2001 .876
world’s reserve currency, we note that we were all 2002 .777
2003 .491
given an insight into the positions that the People’s 2004 .546
Bank of China holds in its reserves. Of the 2005 .540
approximately $2.45 trillion the BOC holds, 65% is held 2006 .571
2007 .456
in US dollar terms; 26% is held in EURs; 5% in Sterling 2008 .306
and 3% in Yen; only a very, very tiny sum… less than 2009 .657
2010 .973
1%.. is presently held in gold and/or in other more
minor currencies. China has been diversifying its As the figures make clear, there are adequate reserves
reserves quietly away from the US dollar. We know this of wheat here in the US… at present. Indeed, the
because the authorities reported purchases of $20 bears on wheat will… and should… remind us that the
billion of Japanese Yen denominated debt securities wheat inventories on hand on June 1st of this year are
thus far this year, more than 6.6 times as much as they the 2nd highest of the past two decades and were it not
bought last year. for the huge inventories in ’88 these would be the
largest inventories of wheat.
COMMODITY PRICES ARE JUST A
Regarding wheat world-wide, F.O.Licht, the respected
BIT WEAKER, but they are not universally so,
German agricultural consultancy, has only recently cut
for some markets are quite strong… cotton, sugar and its estimate for the world wheat harvest in ’09-’10 to
wheat for example… while others are quite weak, 641.2 million metric tonnes from 675 million metric
crude oil for example. The dollar is offering little in the tonnes last year. Only a month ago, Licht had the
way of “catholic” impetus higher or lower, so each world wheat crop at 645 million metric tonnes and the
market is left to its own cut reflects what has
supply/demand standards, happened to the wheat
and that, as we like to say, “Is crops in Russia, Ukraine
a good thing.” and Kazakhstan. It has only
gotten worse since Licht
Turning to the grains then,
made this latest estimate.
and in light of today’s USDA
crop reports and further in As for the USDA crop;
light of the rather violent report, the consensus for
movement higher in wheat corn is for production of
prices yesterday on the CBOT approximately 13.2 billion
and KCBOT, we thought it bushels on an average
might be interesting to look at the ending stocks of yield/acre of 163.1 bushels/acre. The USDA had been
wheat over the past many years in billions of bushels: working from an estimate of 165 bushels/acre and as
noted here Informa had its “guess-timate” of today’s Plat 1552.0 1551.0 + 1.00
USDA corn production at 164.1 bushels/acre. GSR 62.95 63.25 - .30
Reuters 273.21 274.27 - 0.4%
However, Informa is really looking for something a DJUBS 135.05 135.43 - 0.3%
good deal lower than that at the harvest’s end. Informa
Finally, regarding a commodity we rarely cover
has today’s USDA report at 13.348 billion bushels, but
here…cocoa… we came across a rather interesting bit
since then the market has obviously moved its
of news: the Swiss company, Barry Callebaut, has
consensus “guess-timate” a good deal lower. Informa
entered an agreement with Kraft Foods Inc., under
has the final crop at 13.0 billion bushels on a yield of
which Barry Callebaut will deliver the majority of Kraft
158.5 bushels/acre.
Foods cocoa products and industrial chocolate
As for “beans,” the consensus seems to be forming requirements around the world. The agreement will
around 3.045 billion bushels on an average yield/acre double Barry Callebaut’s existing business with Kraft
of 43.8 bushels compared to 44.0 bushels/acre in the Foods. In so doing, Barry Callebaut will increase its
previous report. Informa has the bean production production capabilities in the United States, Canada,
number at 3.437 billion on 44.1 bushels/acre. Finally, Cote d’Ivoire, Malaysia and Europe. Why is this
regarding wheat the USDA will only be reporting on interesting? It is interesting because Barry Callebaut
demand changes and a forecast of ending stocks next was the firm that apparently took much of the cocoa
year. Previously, the USDA had its ending inventories that the hedge fund, Amajaro, took delivery of during
of wheat at .952 billion bushels; the consensus is now its attempt to squeeze the market. Cocoa prices have
for something closer to .915 billion. Russia, we are plunged… violently… since the announcement of
told, is now Amajaro’s squeeze.
holding between Apparently, Barry
17-20 million November Brent Crude Callebaut accepted
metric tonnes of the cocoa and has
wheat in storage, used it to fulfill new
down from 26 sales to Kraft. Now
million metric we wonder what has
tonnes that the befallen Amajaro?
Agriculture We’ve no idea, but
Ministry had we thought the
previously juxtaposition of the
reported, and recent announcement
even that is high. of Barry Callebaut’s
taking of Amajaro’s cocoa and its announcement of the
Wheat prices flew skyward yesterday in Chicago and long term contract with Kraft interesting.
Kansas City. They’ve moderated a bit overnight as
traders use these last hours before the report to square ENERGY PRICES ARE HIGHER, BUT
up their positions. We are hoping for boring,
consensus-centered reports so that the markets are
ONLY MARGINALLY SO having failed to

not disturbed by manifestly bullish or bearish hold the strength yesterday but rallying overnight a bit
supply/demand changes, allowing the markets to focus on hopes that the IEA will offer up something positive
upon in its monthly report today.

09/10 09/09 The DOE figures yesterday were not far from what had
Gold 1248.8 1255.0 - 6.20
been expected. Crude oil inventories fell 1.9 million
Silver 19.84 19.84 unch
Pallad 521.00 520.00 + 1.00 barrels, less that the -7.3 million barrels that the API
said had been lost, but close to what we had thought rather perfectly with the well defined trend line
likely. However, distillates and gasoline inventories fell evidenced in the chart this page. If November Brent is
very slightly… -0.4 million for the former and -0.2 able to rally upward toward 78.40-78.50 today we shall
million barrels for the latter, leaving the aggregated be a seller.
inventory falling -2.5 million barrels. Interestingly, as .
the contango in WTI has gone out wildly in the past SHARE PRICES ARE AGAIN VERY
several weeks, inventories at Cushing, the delivery
point actually fell rather markedly. This we found at
MODESTLY HIGHER but we note that half

least passingly interesting. Finally, and according to of the markets that comprise our Index are higher and
our friend Tim Evans at Citi Futures, total aggregated half are lower in the past twenty four hours and that the
inventories now cover 58.2 days of supply. This is 2.0 volume on the rally this week has been light
days more than existed a year ago and a stunning 8.1 everywhere. It has been light in Asia; it has been light
days more than the five year average. in Europe and it has been uncommonly light in N.
America, casting collective doubt upon the
The market accepted the numbers bullishly for the sustainability of this strength. Further, this is that
shortest of times but then was hit by the OPEC period of time between Rosh Hashanah and Yom
monthly supply/demand report. OPEC left its Kippur when prices do have a marked tendency to
expectation for global demand for crude “broadly weaken, and we cannot “shake” the concerns that the
unchanged,” whatever that means; however, the cartel recent “Hindenburg” signals have engendered. We
did suggest that non-OPEC supplies of crude might tend, on balance, to view investment in equities in
increase. Interestingly when looking a bit more closely generally modestly bearish terms at this point and we
at their numbers, OPEC said that global demand for find ourselves setting up our positions cast quietly in
their crude next year shall average 28.84 mbpd, which that fashion. It shall not take much, however, to cast us
they consider “broadly unchanged,” but at the same more visibly bearish:
time they continue to hold to their own production
estimates of 29.15 mbpd. In other words, their own Dow Indus up 28 10,415
CanS&P/TSE down 8 12,034
supply is .31 million bpd more than their own forecast FTSE up 64 5,494
demand. This cannot be spun as anything other than CAC up 45 3,722
modestly bearish of prices. Remember then that DAX up 58 6,222
NIKKEI up 141 9,239
OPEC’s next meeting is October 13th and remember HangSeng down 46 21,159
further that the IEA will release its supply/demand AusSP/ASX down 18 4,560
figures sometime later today. Shanghai down 3 2,664
Brazil up 217 66,624
TGL INDEX up 0.2% 7,615
Due to a technical problem we are unable to report our
usual term structure format here this morning, but we ON THE POLITICAL FRONT the elections
shall do so on Monday:
in November, barring some truly stupid series of
statements from a number of Republican candidates…
Nov WTI down 76.65-71
and never, ever under-estimate this possibility for the
OPEC Basket $74.04 09/08
Right has proven time and time again its seeming
Henry Hub Nat-gas $3.81
congenital ability to snatch defeat from the jaws of
We have been waiting, patiently, upon the sidelines, victory… the Republicans should sweep to control of
wishing to sell into a strong rally in crude and we now the House and may even sweep to the control of the
have our target as November Brent has rallied right Senate, giving us our favourite government of all: grid-
into “The Box” that marks the 50-62% retracement of lock. The latest data shows that the Republicans are
the previous leg downward and as that “Box” aligns actually taking the lead when it comes to the most
important fact of all: money. Money drives elections,
and heretofore the Republicans have lagged behind
the Democrats rather badly.
According to a Wall Street Journal analysis of FEC
filings over the past two years of the 34 most
competitive House races, back in early ’09, the
Democrats led the Republicans by more than 4:1. By
late ’09, the Democrats still led by approximately 1.5:1.
By early ’10, the Democrats still led, but by “only” by
about 1.3:1. Finally, in recent weeks the Republicans
have taken the lead over the Democrats. Both parties
have of course seen the sums of money flowing into
the coffers rising sharply… for the Democrats, for
example, in the races in question, a year ago
contributions were just a bit more than $3 million;
recently they’ve swelled to just over $12 million; for the
Republicans contributions have swelled from less than
$1 million to well over $12 million!...but
Republicans have taken the lead as the polls have
gone in their favour. Contributors “bet” with the winner;
it’s a proven fact.
Next Tuesday, the leadership and the rank-and-file of
the Democratic Party of Japan will vote for the Party’s
leader. The vote, as everyone should know by now is
between the current Prime Minister, Mr. Kan, and the
“Old Guard” political Machiavellian, Mr. Ichiro Ozawa.
The winner will be the Prime Minister and although the
odds still favour Mr. Kan remaining in power, one can
never... ever… count Mr. Ozawa out. Ozawa has had
control of the Party’s purse-strings for years, and he
commands the support of many within the party who
are beholden to him for their past political successes.
We note then that former Prime Minister Hatoyama
said recently that he “became Prime Minister thanks to
Mr. Ichiro Ozawa’s gracious guidance. I must repay
him.” It is that sort of allegiance that keeps Mr.
Ozawa’s long standing hope of becoming Prime
Minister alive and it is the reason why we have to look
upon Tuesday’s vote as closer than most think.
If Ozawa were to win the leadership role it is possible
too that he might stand aside from the Prime Minister’s
post and allow someone from another party to become
Prime Minister, allowing Ozawa to be the real power-
behind-the-throne, a political methodology he learned
at the knee of Mr. Shin Kanemaru, his mentor and a
gentleman who did precisely that for decades.
However, Ozawa has had his eye upon the prize for so
long that we cannot imagine him doing anything other
than taking the Prime Minister’s role… even if only for
the shortest of times. Tuesday’s vote shall be
interesting then… very.
GENERAL COMMENTS
ON THE CAPITAL MARKET
IT’S ALL ABOUT RULES: We listened to
the President of the Federal Reserve Bank of St.
Louis… the home of Monetarist economics in the US…
yesterday and he brought up something we thought
quite important: a “rule” for monetary policy is needed
the and “shock and awe” is not. We could not agree more.
In The Journal yesterday, several of the most important
economists of the age gave their opinions on what the
US Federal Reserve should to going forward and the
two thoughts that seemed most reasonable to us were
those put forth by Professor John Taylor and Dr. Allan
Meltzer. Both men advocated a “rule based policy” that
should be relied upon week in and week out; month in
and month out. Dr. Taylor is of course famous for his
“Taylor Rule,” which as he said is simply the idea that
the Fed’s target interest rate “should be one and a half
times the inflation rate, plus one half times the shortfall
of GDP from potential, plus one.” We will not argue the
efficacy nor wisdom of Dr. Taylor’s rule, leaving that to
others far wiser than we. But we like the idea of a rule
that takes the “human factor” out of the Fed’s policies.
The basis of Dr. Taylor’s “rule” is simply that
consistency over time trumps inconsistency when
applied to monetary policy. This we find difficult, if not
impossible, to argue with.
Dr. Meltzer said, in summary, that
There is very little that the Fed can do to
change the near-term, but it can have
important influence on the future. The Fed has
sacrificed much of its independence during this
crisis by helping the Treasury carry out fiscal
 policy. Adopting and following a rule, like the
Taylor rule, is an effective way to regain
independence.
Mr. Bullard made essentially the same point. A rule
based monetary policy that can only be over-ruled in
the most rare of circumstances would indeed do much
to establish trust in the system, restore faith in the Fed,
establish greater faith in the dollar and create long
term, low inflation, high employment economic growth.
But then again, we are dreamers here.
stopped; why not print tens… nay, hundreds of
billions… nay trillions upon trillions… of food stamps
and put them into the hands of everyone, everywhere.
And why stop with the citizens of the US; let’s give food
stamps to Canadians, to European visitors, to illegal
aliens and potential illegal aliens. Reductio ad
absurdum; print food stands and wait for the $1.74
growth of GDP per dollar. In Trumka-land it is that
easy. We just had no idea; how stupid of us. How’d we
miss that?

SO IN THAT CASE, LET’S GIVE’EM AND WE ONLY WALKED UP HILL

EACH A BILLION…NAY A TRILLION: BOTH WAYS… IN THE SNOW: The
We have heard stupid things in our lifetime regarding story we all like tell our children is that when we went
economics and we truly expect to hear stupid things in to school… back in the day… “We had to walk uphill
the years ahead. But listening to Mr. Richard Trumka, both ways… through the snow.” That’s what our
the President of the AFL-CIO, we think we heard one grandparents told us, and that’s what their
of the truly stupidest ideas we’ve heard yet. Speaking grandparents told them and that’s what our children will
yesterday afternoon with Ms. Bartiromo on CNBC, Mr. eventually tell our grandchildren. However, all of these
Trumka was an obvious and consistent spokesperson wonderful lies pale next to the truth of how one student
for enormous government spending programs. He made his way from Xingjian Ugyur in China’s far west
wants the government to “create” jobs where and when to Beijing Union University where he had been
it can, spending what money it needs without end. Mr. accepted. He…and his father!!... rode on bicycles for
Trumka, like many on the Left, actually believes that 24 days, finishing 3,500 kilometres to get this young
government “creates” jobs out of very thin air and that boy to the school!
it does so painlessly and easily.
This is really quite unbelievable but it is further
However, even Mr. evidence of the urgency
Trumka’s idiotic “A man who chooses between drinking a glass of milk and a  with which China’s young
glass of solution of potassium cyanide does not choose  are leaping at the chance
economics was trumped
between two beverages; he chooses between life and death.  
by himself when he said for education in order to
A society that chooses between capitalism and socialism 
that for each new dollar leap directly into the 21st
does not choose between two social systems; it chooses 
of government food between social cooperation and the disintegration of  century. Would that all of
stamps pushed into the society. Socialism is not an alternative to capitalism; it is an  our children here in the
economy $1.74 in new alternate to any system which men can live as human  US read this story… and
economic growth is beings.”   Ludwig von Mises  understood it! They
created. We had no won’t however, and
idea it was that easy. We had no idea that all that has that’s really quite sad, isn’t it?
been wrong with the economy is that we’ve not printed
enough in the form of entitlements. We had no idea RECOMMENDATIONS
that all we had to do to achieve strong, non-inflationary
economic growth was to simply print food stamps and 1. Long of Two and one half Units of the
spread them to everyone. If Mr. Trumka is correct, C$ and Three and one half of the
then why stop where the government has thus far Aussie$/short of Six Units of the EUR: Thirty
five weeks ago we bought the C$ and sold the EUR at 1.5875. Thirty
four weeks ago we added to the trade at or near 1.5100, and twenty
three weeks ago we added yet again, giving us an average price of
1.5250. The cross is trading this morning at 1.3310 compared to
1.3305 yesterday but the trend is very, very clearly in Canada’s
favour.
Twenty six weeks ago we bought the A$ and we sold the EUR at or
th
near .6417. We added to the trade Tuesday, August 24 and this
morning it is trading .7250 compared to .7210 yesterday and this is a
new multi-year high in the Aussie dollar’s favour.
However, as noted here yesterday, given the strength of the A$
today on the cross we thought it is reasonable to cut the trade by
1/3-1/2 and so we did, cutting two units from the Aussie and two
units from the EUR upon receipt of this commentary, with the
intention on any correction to add this back plus more.
2. Long of Two Units of Gold: One Unit vs.
the EUR and One vs. the British Pound
Sterling: This is our “insurance” gold position… our hedge
against disaster… and we added to the trade yesterday by buying a
bit more gold in Sterling terms. Now we shall sit tight once again.
3. Long of Three Units of Dec’11 Corn and
Two Units of December KC Wheat: Given the
current prices it is reasonable to assume that next year American
farmers will grow wheat and double crop soybeans behind them,
and shall thus curtail corn planting materially. Thus, we bought new
crop December ’11 corn at an average of approximately
$4.31/bushel some while ago and we added to it on Friday, August
th th
13 and we added to it again Wednesday, August 18 .
Our stop on the trade shall be $6.80 and our first target is $8.75-
$8.85/bushel.
NEW RECOMMENDATION: As noted above, we
wish to be a seller of Brent crude should November Brent make its
way today toward the 78.40-78.50 level. We’ll have stops in
Monday’s TGL should this order be elected, but we’d not wish to
risk more than 3% on this trade, or the rough equivalent of
$2.50/barrel. We can make the case for Brent to make its way
below $70/barrel rather easily.
The following is not a recommendation, a solicitation or an offer to
sell the securities and reflects publicly available pricing information
provided for informational purposes only. The Gartman Letter L.C.
serves as a sub adviser to the products mentioned below. Investors
in the CIBC Gartman Global Allocation Deposit Notes should go to:
https://www.cibcppn.com/ScreensCA/CANProductUnderlyings.aspx
?ProductID=221&NumFixings=2
Existing investors in HAG should go to:
http://204.225.175.211/betapro/fundprofile_hap.aspx?f=HAG
The following positions are “indications” only of what we hold in our
ETF in Canada, the Horizon’s AlphaPro Gartman Fund, at the end
of the previous trading day. We reserve the right to change our
opinions at a moment’s notice and we reserve the right to take
positions opposite of what maybe in our “Notes” and ETF from
time to time as market conditions warrant.
Long: We own “stuff” and the movers of “stuff.” We have
positions an iron ore miner and a railroad company. We also own
an “Asian” short term government bond fund, the C$, Swiss Francs,
a small “insurance” position in gold, a crude oil trust and a North
American midstream energy company.
Lastly, we own a basket of ag related stocks and ETFs including four
grain and fertilizer companies as well as an ETF that tracks
agricultural commodity prices generally
Short: We are short the Euro, we own a double inverse broad
equity index ETF to hedge the positions mentioned above, and are
short a southeastern regional bank as well as three global
investment banks.
The CIBC Gartman Global Allocation Notes portfolio for
September is as follows:
Long: 20% Canadian Dollars; 10% Australian Dollars; 5% gold;,
10% silver; 10% corn; 10% sugar; 5% wheat; 5% US Ten year notes
Short: 20% Euros; 5% British Pound Sterling
Horizons AlphaPro Gartman Fund (TSX:HAG): Yesterday’s
Closing Price on the TSX: $8.81 vs. $8.80. Yesterday’s Closing
NAV: $8.82 vs. $8.86
CIBC Gartman Global Allocation Deposit Notes Series 1-4; The
Gartman Index: 118.85 vs. 118.94 previously. The Gartman Index
II: 95.39 vs. 95.44 previously
Good luck and good trading, Dennis Gartman
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