Gartman's view.....

Right before I had to leave the office, Dennis Gartman was on Fast Money giving his view on today's debacle. He thought that since gold was literally the only thing that was higher today, that traders decided to sell gold in order to pay for margin calls in other areas of the market. He went on to believe that gold has had a nice run and was due for a pullback.

Earlier today, before the sell off, I was thinking something like Gartman described was possible, but the market has been down this much before without any selling of the metal, so I don't agree with his thesis. I believe "the invisible hand" decided to step in and protect the dollar and in turn caused the gold sell off. Gold was looking for a reason to correct and once the dollar rallied, it found one. IMO, that's it, that's the reason.

I 100% agree with the second part of Gartman's thesis. Gold was ready for a pullback, but I wanted to see it done on it's own terms, not something like today where it was forced.

The action after the CRIMEX closed was just as criminal. The slow drip in the uber thin electronic market was a laughable attempt at pushing the price down. At it's worst, gold was down an additional $15. Notice that now it has come into Asia it's only down $5. Because Kitco was down from about 2:30 to about 5pm, it is not reflected in the charts.

In all, an extremely frustrating day, the type that harkens back to the bad old days of gold. I really thought we were past that. In the past, a day like this usually lead to a vicious downdraft often last weeks. I sure as hell this is not repeated here. I am in no mood to hear all of gold's enemies slapping each other on the back about how they knew "the barbellious relic was a terrible investment" and what a bunch of idiots the gold bugs are.

Tomorrow should be fun in gold and the overall markets. We have the TIC data and if it's negative, that should crush the dollar and propel gold. "Should" being the key word.