Nothing gold can stay, not even gold apparently.
After a record rise in gold prices as a response to the unrest in the global economy, the precious metal is headed for a fall, and poised to enter a bear market, according to Dennis Gartman. Gartman, publisher of The Gartman Letter since 1987, correctly predicted the hit to commodities in 2008.
Suffolk, Va.-based Gartman wrote Tuesday that gold may decline to as low as $1,475, according to Bloomberg. It was trading around $1,666 earlier in the day.
Bloomberg notes bullion has already dropped 13% from the record $1,921.15 reached Sept. 6 and $1,475 would extend that to more than 20%, the commonly accepted definition of a bear market.