Gartman said that gold's largest drop in more than three decades was "unlike anything I've ever seen" and it still had farther to fall.
"We're going to go down and test it. Markets always do that after they've had that kind of correction, after they've had this sort of rally that we had today," he said. "I bet we go back and take a look at what last night's low looked like, but I bet gold gets very quiet for a while. A lot of people are tired."
Gartman said that he has not liked gold in U.S. dollar terms for the past year and a half.
"I've been enamored of gold in yen terms for that period of time, and until Friday afternoon, gold in yen terms was making new all-time highs," he said.
"I don't think gold in yen terms has seen its high," Gartman added. "I bet we make newer highs."
Responding to a bearish outlook for gold from Goldman Sachs, the editor of The Gartman Letter said that there was merit in the short position.
"They may well be right," he said.
Trader disclosure: On April 16, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Keith McCullough is long SBUX; Keith McCullough is long HOT; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long KO; Brian Kelly is long EURO; Brian Kelly is short S&P; Brian Kelly is short UK Pound; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.