Gold Futures Index (GOLD)

[Pro-Life]

Market Nuggets: Gartman Continues To Favor Gold But In Non-U.S. Dollar Terms

13 June 2011, 08:47 a.m.
By Kitco News
http://www.kitco.com/

http://www.kitco.com/reports/KitcoNewsMarketNuggets20110613.html

(Kitco News) -- Newsletter writer Dennis Gartman remains bullish on gold in non-dollar terms but is less enthusiastic on gold in dollar terms. As he wrote Monday’s issue of The Gartman Letter, he suggested gold looked “vulnerable” in dollar terms, “while in non-U.S. dollar terms, the trends are still clearly upward.” In fact, on Friday, he added to long positions in gold in non-dollar terms, swapping out some of his gold-in-dollar positions. He notes gold fell Friday, but only in dollar terms. Since early April, he says, each significant low for gold in euro terms has been progressively higher, and so too have the highs, “defining in classic terms what a bull market should be, and in this instance is.”

By Allen Sykora of Kitco News; [e-mail]