Dennis Gartman is now adding to his gold position, just not in dollar terms.
Gartman is buying gold priced in euros, pounds, and yen, according to Bloomberg.
Last week, Gartman said he was selling gold over concerns it would fall “swiftly.” Now he has turned bullish on the precious metal, but not priced in dollars. Gartman sees the dollar strengthening at this point, and he’s also turned bullish on oil.
Note, Gartman’s call on gold’s fall last week didn’t exactly pan out. Check out its rise just after June 3, when he made the call.
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