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Dennis Gartman says 'cash will be a wonderful asset,' just not yet

Cash will eventually be a fabulous asset, but not now, Dennis Gartman told CNBC on Wednesday.

"It's still a bull market," the founder and editor of The Gartman Letter said on "Squawk Box." "Cash at one point should be a wonderful thing to have. And there are times when I have gone to cash. Every time I had done it, I wish I had not."

Gartman's comment came two days after the three major stock indexes snapped a three-day losing streak, with the Dow rising 183 points, albeit during the lightest trading volume day of the year following the Easter holiday.

Monday's gains came after Treasury Secretary Steven Mnuchin told the Financial Times that Republicans could complete tax reform without incorporating the border adjustment tax, sending the SPDR S&P Retail ETF up 1 percent.

Investors have also been as cautious because of worries about North Korea.

On Tuesday, the three major stock indexes retreated while U.S. Treasury prices rose, sending the benchmark 10-year note yield down to about 2.17 percent. Gartman said U.S. markets have the tendency to go to the "obscene number" before turning around.

"You may get a 1.98 just to do it ... just to get it there," he said.

—CNBC's Fred Imbert contributed to this report.