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How Dennis Gartman’s Playing Gold

It's a good time to buy gold, but not in U.S. dollar terms, Dennis Gartman, editor of The Gartman Letter, said Wednesday.

"It's going higher in yen terms," he said. "You want to own gold in yen terms. I know this tiring to most people, but if you take a look, gold is making a new high in yen terms. Gold in dollar terms is well below its highs."

On "Fast Money," Gartman also issued a word of caution about the gold trade.

"Gold has always been the haven. It's not a safe trade," he said. "I'm always amused when people say gold is safe. Gold is not safe. Gold is a very speculative medium."

Trader disclosure: On Jan. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long STZ; Jon Najarian is long ALXN; Jon Najarian is long CMI; Jon Najarian is long COF; Jon Najarian is long MA; Jon Najarian is short AAPL; Jon Najarian is short NFLX; Jon Najarian is short VMW; Jon Najarian is long VIX CALL SPREADS; Steve Weiss is long QCOM; Steve Weiss is long TBF; Steve Weiss is long AIG; Steve Weiss is long BAC; Steve Weiss is long WLT; Steve Weiss is long C; Steve Weiss is long JPM; Steve Weiss is long M; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Simon Baker is funds long IWM; Simon Baker is funds long AAPL; Simon Baker is funds long AMAT; Simon Baker is funds long BAC; Simon Baker is funds long BRCM; Simon Baker is funds long T; Simon Baker is funds long WFC; Simon Baker is funds long QCOM; Simon Baker is funds long MSFT; Simon Baker is funds long GOOG; Simon Baker is funds long CSCO; Simon Baker is funds long XLU; Simon Baker is funds long NOK; Dennis Gartman is long AUD; Dennis Gartman is long NZD; Dennis Gartman is short YEN; Dennis Gartman is long Gold in EUR/JPY Terms; Dennis Gartman is short EUR; Dennis Gartman is short YEN; Dennis Gartman is short Crude Oil; Dennis Gartman is short US 10Y Treasuries.

Symbol
Price
 
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GOLD
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USD/JPY FUT
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USD INDEX
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