Dennis Gartman, a Gold Bull, says he's leaving the Gold Market as it is now Overcrowded

Gartman, who is well known as the Gold bull, told people around April that it was now the right time to Trade gold. But today he feels the gold market Is now saturated.

On the 28th of July, Gold's price attained a record high of almost 1,960 dollars per ounce during the rise in the trade volume. In some reports, investors are beginning to exchange their future contracts for physical gold, putting the market at a potential disequilibrium.

There has been a massive rise in Bitcoin and Gold in the past few days following the stimulus spending from governments worldwide. Both assets are seen as safe havens in these trying times.

For traders like Gartman who are searching for ways to diversify risks, Bitcoin might become the right choice for them, the top cryptocurrency which on Tuesday achieved an 11-month high of almost 11,400 dollars. Bitcoin is now at par with digital gold.

There could be a trigger on the next sell-off gold as a result of the stock market price, which is falling at the moment, said the gold investor in the interview.

There has been a conventional movement between Bitcoin and gold in some months now. There would continue to be consistency among the two for a while, which means if stocks begin to fall, you'll get a correlating sell-off in the gold market.

Source: News.bitcoin