Integra Resources secures cash flow with Florida Canyon merger
The new company is to produce 70,000 oz. gold per year from the Florida Canyon gold mine in Nevada.
Influential investor and author of the Gartman letter, Dennis Gartman, warned investors on Tuesday to stay away from gold and go with steel and copper.
The newsletter writer told CNBC on Tuesday that gold is “acting … crappy.”
With the political mess in Washington, gold should be going up but it’s “just not going what it should be doing,” Gartman said.
“A market that won’t go up on news that should send it up is not going up.”
Gartman said he likes metals but that steel is a much safer bet than gold.
Fund manager Bill Fleckenstein didn’t agree – on Friday he said he’s confident in the precious metal’s ability to protect against money-printing.
By conventional wisdom, gold should be doing well with the US government shut down because of its safe-haven appeal. The country is set to default on its debt payments on Thursday if it can’t agree on raising the debt-ceiling.
The precious metal hit a three-month low Tuesday morning but regained its losses by the afternoon, trading as high as $1,285.
Comments
Robbi
I am not an expert but trying to use common sense and so in my opinion – how gold can do its work if we have plenty of it: there is real gold, there is also PAPER GOLD…