Gold 'looks awful on the charts' – Dennis Gartman
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.