dennis gartman say publisher of "the gartman letter." he joins us from virginia beach. great to see you. >> always good to be seen, mel. >> historically, dennis, if one believed in a rising gold environment, miners were the better way to play because they had more leverage to upside in gold, as they have leverage to the down side also in a negative way. so where do you stand on the miners at this point? >> i hate them. there's no reason in the world to own a miner at this point. i'm going to make several of my largest clients unhappy with saying that. but for the last four years if you have owned gold it's one thing, if you owned gold etf you've hurt but you haven't hurt that badly. if you held gold futures you've been hurt but you haven't been hurt that badly. if you've held any miner, and i don't care whether it's a junior or whether it's a senior, you have been hurt badly on a consistent basis. why would you own -- the bet is always to own gold. why would you own the miners at this point? exposing yourself to management problems, exposing yourself to hedging problems,

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going to stop his quantitative easing and also cyprus what was about cyprus here's a quote from dennis gartman in his latest newsletter he said if cyprus is forced to sell gold then portugal shall be too otherwise the discrimination against cyprus shall be wholly unwarranted and utterly unfair and if portugal is forced to sell then how can italy avoid the same fate or greece for that matter and knew when to face and you end up well yes ben bernanke and the rumor in the scuttlebutt is that they may end quantitative easing they may end this process of printing money and buying bonds eating their own vomit as it were but that is in possibility there is no exit strategy ben bernanke he will never and quantitative easing this will all end in a massive currency devaluations against gold everyone knows that who has a lot.

going to stop his quantitative easing and also cyprus what was about cyprus here's a quote from dennis gartman in his latest newsletter he said if cyprus is forced to sell gold then portugal shall be too otherwise the discrimination against cyprus shall be wholly unwarranted and utterly unfair and of portugal is forced to see.

going to stop his quantitative easing and also cyprus what was about cyprus here's a quote from dennis gartman in his latest newsletter he said if cyprus is forced to sell gold then portugal shall be too otherwise the discrimination against cyprus shall be wholly unwarranted and utterly unfair and if portugal is forced to sell then how can italy avoid the same fate or greece for that matter in you when face and you end up well yes ben bernanke and the rumor in the scuttlebutt is that they may end quantitative easing they may end this process of printing money and buying bonds eating their own vomit as it were but that is in possibility there is no exit strategy ben bernanke he will never end quantitative easing this will all end in a massive currency devaluations against gold everyone knows that who has a lot of money the people with the most money know this that's why they were buying lots of the gold as it was being coughed up puked up at the bottom well for every seller there is indeed a buyer so somebody was buying big time during these record sell offs. but it was also says that all these

going to stop his quantitative easing and also cyprus what was about cyprus here's a quote from dennis gartman in his latest newsletter he said if cyprus is forced to sell gold then portugal shall be too otherwise the discrimination against cyprus shall be wholly unwarranted and utterly unfair and if portugal is forced to sell then how can italy avoid the same fate or greece for that matter in you when face and you end up well yes ben bernanke and the rumor in the scuttlebutt is that they may end quantitative easing they may end this process of printing money and buying bonds eating their own vomit as it were but that is in possibility there is no exit strategy ben bernanke he will never end quantitative easing this will all end in a massive currency devaluations against gold everyone knows that who has a lot of money the people with the most money know this that's why they were buying lots of the gold as it was being coughed up puked up at the bottom well for every seller there is indeed a buyer so somebody was buying big time during these record sell offs. but it was also says that all these

going to stop his quantitative easing and also cyprus what was about cyprus here's a quote from dennis gartman in his latest newsletter he said if cyprus is forced to sell gold then portugal shall be too otherwise the discrimination against cyprus shall be wholly unwarranted and utterly unfair and if portugal is forced to sell then how can italy avoid the same fate or greece for that matter in you when face and you end up well yes ben bernanke and the rumor and the scuttlebutt is that they may end quantitative easing they may end this process of printing money and buying bonds eating their own vomit as it were but that is in possibility there is no exit strategy ben bernanke he will never and quantitative easing this will all end in a massive currency devaluations against gold everyone knows that who has a lot of money the people with the most money know this that's why they were buying lots of the gold as it was being coughed up puked up at the bottom well for every seller there is indeed a buyer so somebody was buying big time during these record sell offs. but it was also says that all thes

. >>> and nuclear meltdown, dennis gartman joins us. >>> and we've got to get to the traders and today's selloff. is this the healthy pullback or the beginning of something bigger here? don't be fooled. take a look at the move in the s&p 500, in the mid caps, small caps, in the transports, in technology, in materials. that's where the action was. >> you're right. when are we ever talking about the dow jones industrial average? >> we don't here. we don't here. >> stop. the s&p's critical. and i don't know, i don't know the answer to your question yet. i think if you force me to give you an answer, i think it's the beginning of something much larger than the downside. but you can't answer that until another couple of days have passed by. we have the chance for some very interesting chart patterns which we will discuss later. but i think to your point about the internals, they haven't been great and i think today is potentially the beginning of something much bigger, yes. >> and not helping the selloff here, the headlines that we got about north korea, about -- the headlines have been crazy

>> joining us, a fellow who i believe you're the same generation, dennis gartman. he couldn't agree more with bill gross, he's cnbc contributor, editor of the gartman letter, and we have the younger generation with as well. trader joe greco says that he's selling himself and others short. basically, bill's premise is that we've come to a period, through a period of credit expansion, where asset classes just did an incredible job of providing wealth to those who were savvy enough to invest in those and maybe we're coming to the end of that. what do you think? was it more luck than anything to make that kind of money over the last 30 years? >> well, i'm not sure, bill, that it was luck. but i have very -- i shouldn't say i have very little, but i'm not very respectful of just long-only fund managers, who by definition are long only, who get the benefit of the fed, easing monetary policy over the course of the last four, five years. people who owned bonds and were simply long bonds over that long, protracted period of time. my respect goes to the guys like dan loeb, p

dennis gartman. you have not seen a move in gold like we have seen over the past few days in your entire career. no offense, pretty long career. >> it has been a rather long career. i've been very fortunate to be at this for about 30 years. and honestly, i don't remember anything like we have seen in the gold market in that time. i'm sure that there will be academics out there who will tell me there have been periods of time when gold moved in in a larger percentage move than we had yesterday. but i don't remember about percentage moves. when you move $150, when you move $200 in gold from friday morning to last night, i think that is -- if it's not unprecedented, there are few precedents near it. it's unlike anything i've ever seen. i suspect that probably last night, i hope last night we might have seen the low. we're going to go down and test it. markets do that after they have this sort of rally we had today. i bet we go back and look at what last night's low looked like. but i bet gold gets very

dennis gartman joins us on the squawk news line. these are some haywire markets this morning. what do you think is happening? >> first of all, i think there's a lot of people throwing up their hands, throwing positions overboard. panic is everywhere. the margin clerks seem to have taken control. and i think in gold, what you really have here, becky, is the fact that cyprus has been told they were have to liquidate some of them gold to meet the bailout. if cyprus has to do it, i suspect spain, portugal, italy will be rumored to do it. that's been weighing on prices. it's one of those evens that come along once in a while. i've been at this 40 years. normally people say thief never seen anything like this. they don't mean it. i've never seen anything like this, i mean it. >> and gold prices, you pointed out this morning, just since friday we've seen a drop of $150 an ounce. >> yes. but -- go ahead. >> the sell-off coming from the cyprus bank, what does that suggest? other countries will sell gold before getting in trouble, too? >> i think it would be unfair to force the cypriots

dennis gartman is with us today, as well. dennis, you've beening gold. you've been watching the reaction to some of these things. what do you make in the move of gold this morning? >> it moved up to 1425 and it did it before this news began to hit b, which would indicate to me that something else was going on in the gold market other than this news. i can't imagine this is extraordinarily bullish or extraordinarily bearish for the gold market. >> it seems the markets have been ignoring much of the news. >> quite honestly, i think they have. >> on monday, we saw a drop off in gold and oil, the equities markets. you can see this morning that crude oil prices are up by about 1% to 88.66. the ten-year note at this point is yielding 1.714%. so oil back below 1.8%. and the dollar this morning is indicated stronger against the yen. the yen is at 99.25. the euro is at 11.3092. >> we're going to slip into a quick break this morning. if you are just waking up right now, here is the latest from boston overnight. a fire fight involving suspects from the marathon bom

. >>> plus, we'll talk about the drop in gold with guest host dennis gartman.axes for families and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit thenewny.com acceler-rental. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. >>> welcome back to "squawk." let's get down to the new york stock exchange. our good friend jim cramer joins us now. good morning, jim. if jim is there. there he is. do you hear jim? >> no, there's no audio. now do you hear us? we are here on the tv. here we are. i don't know if we can get to jim or not, but it sounds like we can't. in the meantime, we'll go to a break,

dennis gartmen is the editor of gartman letter.to see you. >> good to be seen. >> when traders first started to think about the ramifications of that, we thought that money was going to go somewhere, u.s. equities or elsewhere. in the past weeks, we've seen french and belgian bond yields go to record lows. so some suspicions that money is going to france and belgium in the credit markets. where do you think the money is going right now? >> i think the money is going everywhere. it's just getting out of japan. that's the first thing. you're seeing the evidence of that with the weakness in the japanese yen. it's weak against the dollar, weak against aussie and kiwi and weak against canada, incredibly weak against the euro, the rubel, the shekel. money from mr. and mrs. watt naby is leaving and it's going anywhere it can, u.s. stocks, canadian stocks, to gold, to commodity spekzalation. it's leaving and it's not going to come back. >> so what you're buying now, we have a list of commodity, gold, cotton, crude, cocoa, you're buying all