Investors looking to short gold have missed their chance, commodities trader Dennis Gartman said Monday.
"I've been long in yen terms—everybody knows that—for quite a long period of time," he said. "I'm about to get long of gold in euro terms at the same time. And I do think the time for being short of gold is past."
Gold prices ended the day lower after a sudden drop earlier in the day, settling at $1,238 an ounce.
(Read more: Gold ends lower at $1,238 after sudden early tumble)
On CNBC's "Fast Money," the editor and publisher of The Gartman Letter said he doesn't expect a jump in gold prices yet, either.