Closely followed market watcher Dennis Gartman said Friday it's time to take a pause on gold, which has been on a tear and just turned in its biggest daily gain in 2½ years.
To be sure, The Gartman Letter publisher believes buying gold is a smart move in the long term, but not in the coming days.
"It has been a sporty run to the upside. The public has suddenly gotten a little interested, and that probably is a good reason to say, I bet — I bet — we settle backwards," he told CNBC's "Squawk Box."
Gartman expects gold to slide back to $1,215 to $1,225 or so, at which point he said he might be a buyer. On Thursday, gold had its biggest daily gain since September 2013, settling at 1,247.80. Early Friday, it was down 4.6 percent at 1,243.20.
Gold and other safe haven assets have gotten a boost as investors flee risk assets like stocks in the face of global growth concerns and spiraling crude oil prices. But Gartman thinks stocks are due for a bounce and gold is set for a correction before the Presidents Day holiday on Monday.
