Dennis Gartman out of gold?

For the second time in three weeks, I took a second look at my gold puts that I bought a couple of weeks ago. At first, I was going to take a $4,200 profit...

Then I was going to sell half of it, in case gold continued to fall...Then, I decided to wait until gold opened a couple of hours after the currencies. To my surprise we showed weakness from the start, and along with the IMF news, I made the right decision to hold on. I no longer feel this is a test. That break of the trendline I talked about the other day is for real!

Now this excerpt from oilngold.com:

Dennis Gartman, author of the Gartman letter, said the news from the G20 meeting and the IMF could be bearish for gold prices. In his letter, he said that if prices drop below $894, he could get out of his entire position.

Mike Glaser, futures broker at LaSalle Futures, is still not convinced that prices are going to drop sharply. He pointed out that there is still strong support between $880 and $890 and that the threat of the U.S. government printing more money will continue to support prices.

"I haven't seen how all the money they have printed is supporting the economy. I don't see it improving the housing industry and I don't see it creating jobs," he said. "I think in the long term it will just devalue the currency and create an inflation environment.