Gartman: I'm not so bullish on bullion right now

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.

Morning Squawk: CNBC's before the bell news roundup

Sign up to get Morning Squawk each weekday

Get this delivered to your inbox, and more info about about our products and service. Privacy Policy.
Please enter a valid email address