There's no reason to own gold in U.S. dollar terms, commodities trader Dennis Gartman said Monday.
"Owning gold has been just a treacherous, boring, nasty trade that just keeps losing money for anybody who buys it," he said. "There will be a time when inflationary pressures will once again exhibit themselves, but that time is not now."
On CNBC's "Fast Money," Gartman said that investors are looking at a deflationary environment.
"If you're fearful about inflation, you're wrong," he said. "Grain prices are down. Iron ore prices are down. Crude oil prices are down. Rubber prices are down."