Dennis Gartman: ‘Smartest People’ Getting Out of Commodities

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May 17, 2011 11:58am NASDAQ:CU NYSE:BAL

Glencore, the world’s largest commodity house, to raise as much as $11 billion in an IPO scheduled to price this week. Glenncore, headquartered in Switzerland, produces, sources, processes, refines, transports

, stores, and finances commodities all around the world.

“Glencore could have gone public almost anytime and it has chosen to go public right now,” says Gartman. “I think one has to be very careful being bullish of commodities when Glencore is cashing out. These are among the smartest people in the world.”

Gartman also sees some other negative signs looming. “Wheat isn’t making new highs, cotton is down 30% from its highs and copper is breaking down under $4,” he says.

See the full CNBC interview below:

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