dennis gartman of the gartman letter joins us next. ♪ [ indistinct shouting ] [ male announcer ] timend sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪

dennis gartman, lets say it were larry summers, how would the markets react?would be per tushed if it were larry summers. the position of federal reserve chairman requires a great level of diplomacy. i have my serious doubts as to mr. summer' ability of that. the chairman has to be benevolent, not men every lent. he tends to make people upset. i think mis yells yellen or ferguson. >> what do you think mr. bernanke is going to say? what should we expect here? >> i think the fed put itself in a trap when it started talking about forecast based decision-making. i don't know what that is especially if their forecasts are as bad as they have been in the last few years. that means i got to figure out what the guys intent. how is he going to interpret incoming data. i think he backed away from that. that is the only way the fed can make a decision. i personally think the data is going to be disappointing. i don't think the fed is going to be tapering in september as many do. >> how do you position ahead of this. >> carefully. the trend in stock prices is upward and i

joining me now is ira, still with us, commodities king, dennis gartman on the gartman letter and a marketthat itself not bad. >> jim paulsen from wells capital management. ira, dennis has been, what was your price in dpold? you have been tajiing your way? >> i have been buying it. >> first of all, ira, good to see you, long time no see. >> i got very lucky and bought gold when it broke hard and have been bullish since then and have been lucky. >> where are you on gold right now, ira? >> well, you know what, when dennis bought it, i had a different reason, i was on with mr. santelli in the morning. we were talking about it. it came down, it came down to the same level of november 2nd, 2009 on the day that the imf sold all that gold to india and the chinese were none to happy. on that day when dennis was buying it, the value of gold was the same as it was for the juan on that day to an ounce of gold. seemed to be the level it has held since late june. pardon me if it was a good move. i think that gold is going to go a little higher. >> i bought it for the simple reason, every mediaoutlet, e

let's bring in dennis gartman of the gartman letter.erly negative on gold. what happened since then that causes you to make what you are saying is a water shed moment to go the other way? what did you see? >> as markets change it's always a technical circumstance rarely is it a fundamental change that gives you a shift in sentiment. you had ab jekt panic, throwing overboard of positions. you had the commercials on the future's market having their smallest net short position almost to the point of being net long that we've seen in many, many years. you had market vains bullish number lower than we've seen in several years and gold down 27%. when you read the newspapers all you got were bearish implications for gold. that's the sense that gives you a turn around and i think you've had it. >> you're talking about technicals and saying the fundamentals had to have changed. we sat on the desk last monday and you said gold is going dem on stra blee lower. you said there's no more easy monetary policy and you said other commodities are falling

. >> coming up next how is dennis gartman trading ahead of the fed decision?in us live to give us his top commodity trade. don't look now, facebook is only 3 bucks away from the ipo price. could this be their week. stay tuned. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. and you wouldn't have it any other way.e. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not t

dennis gartman called this move earlier this month right here on fast.. >> i use the term watershed very rarely. where do i think gold goes from here? higher, probably a great good deal higher, probably several hundred dollars higher. >> dennis joins us. always good to see you. >> good to be seen. >> what do you do with gold now? >> buy more. i thought to the was a very impressive day. you walked in it went higher. never looked back. i'm not a gold bug. everybody should know that by now. i think of gold as nothing more than another currency but it was a very impressive performance. i thought it was all the more impressive given the fact that crude oil prices fell sharply this afternoon and gold still went up in the face of that. you have to like it. gold wants to go higher, predicated on a continued expectation that the fed will continue to expand reverse and so, too, shall other banks. >> backward nation mean anything to you in gold? >> it means quite a good deal to me, guy. it's rare that you see gold -- in fact, it's uncommonly rare to see gold backwa

dennis gartman talks gold, the dollar, oil and why we may be in for some erratic market behavior whenrt is released. as we head to break, check out the futures. "squawk box" will be right back. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the internet. and you believed it? yeah. they can't put anything on the internet that isn't true. where did you hear that? [ both ] the internet. oh look. here comes my date. i met him on the internet. he's a french model. uh, bonjour. [ male announcer ] state farm. more mobile than ever. get to a better state. this is greta. she works in quality control. she makes a nifty living sleeping on mattresses pioneered by engineers whose singluar devotion is not stopping until they have given her the best sleep of her life. that's not greta. save up to $500 on the tempur-ergo set plus visit tempurpedic.com for details about our 0% apr financing with up to 5 years

we will get dennis gartman's take on this, coming up next.ets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ that's me... i made you something. ♪ i made you something, too. ♪ see you next summer. ♪ [ male announcer ] get exceptional values on the highest quality cars at the summer of audi sales event. ♪ >>> welcome back. we are about 10 minutes from the "closing bell." poised to hit new highs once again, even though we are closing off the best levels of the day. our next guest says he is bullish on equities. let's see what else he is watching. bill? >> living by his daily gartman letter, good to see you, dennis, welcome back. >>

for his take on the market we bront to bring in dennis gartman. good morning. since we had you on the show. >> i've been on "fast money" a lot and they allowed me to come on this fine show. >> what is your take on gold? didn't i read that you have been ditching gold recently? >> well, no, not exactly, simon. i have been modestly bearish of gold until 3 1/2 weeks ago and then i wrote a water shed commentary. i got very lucky and actually the day of the low. i continue to be bullish of gold and i think gold's going higher. i'm not a gold bug. anybody that hears me knows i'm not a gold bug. gold is unothing more than another currency but i think in the circumstances that prevail, gold wants to go higher and broke up to the upside yesterday and i'm extremely bullish of gold in yen terms and especially bullish of gold in euro terms. quite bullish in gold. >> i'm interousing that you described gold a character. it wants to go higher. why do you think it will go several dollars higher? how can you calculate that? >> whether it's the fed or the bank of japan, whether i