Gold Now ‘Dominant Currency,’ Gartman Says

Dennis Gartman has now become bullish of gold in US dollar terms. He stated that gold is going up in all currency forms at this point and it seems to be the dominant currency. He is bullish for the first time in a long while and even bullish in dollar terms.

By: Bruno J. Navarro
Published: Tuesday, 4 Sep 2012
CNBC

In a significant shift, Dennis Gartman has turned bullish of gold in U.S. dollar terms, he told CNBC on Tuesday.

“Gold’s going up in all currency terms at this point. Gold seems to be the dominant currency. It doesn’t really matter at this point,” the editor of The Gartman Letter said on “Fast Money.”

Gold is gaining in euro, yen and dollar terms, he added.

“I’m actually bullish for the first time in a long while. I’m actually bullish of gold in U.S. dollar terms,” he said. “I know people always get angry at me for always wanting to trade gold in non-U.S. dollar terms. I do that because it tends during the day, when you do that, to ameliorate, or to reduce the risk of the dollar itself that’s incumbent in gold.

“And, quite honestly, if you have been long of gold in yen terms, or been long of gold in euro terms, you actually have done better than gold in dollar terms.”

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