It’s no secret that Dennis Gartman is bullish on gold and has been for some time now.
The thing about Gartman is that he goes long in foreign currencies, not US Dollars. He admits that while support for gold in US dollars is weakening, it appears to be strong in foreign currency terms.
And he expects that to continue. With Europe in trouble, other countries (like, say, China) will “move toward gold as a replacement for the EUR.”
Adds Gartman: “As we write, gold in EUR is trading just under €825. A week ago it was precisely the same level, whereas gold in US dollar terms is this morning nearly $25/ounce weaker.”