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Where Gold Prices Bottom: Gartman

Last week's gold panic may have signaled a bottom for the precious metal in U.S. dollar terms, Dennis Gartman of The Gartman Letter said Monday on CNBC.

"I suspect in dollar terms we may well have seen the lows last week," he said. "The panic liquidation that occurred was really pretty serious."

On "Fast Money," Gartman reiterated his favorite gold play.

"Everybody knows that I like gold in yen terms," he said. "I'm absolutely convinced that we saw the low in gold in those terms."

Gartman noted that gold in yen terms had rallied 9 percent from its lows and was "within spitting distance of new all-time highs."

Gold prices this week could provide evidence of a bottom, he added.

"If we don't fall off in the next couple of days, if we don't fall precipitously, then the lows last Monday and Tuesday were the lows for a long period of time," Gartman said.

But don't bet on gold miners either, he added.

(Read More: 'You Should Own Gold Right Now': John Taylor)

"Why would you trade the gold miners when your bet is on gold itself? When you're betting on the miners, you're betting on gold and you're betting on their ability to produce it. You're betting on their ability to keep their mines in operation. You're betting on them not doing something silly.

"If you're going to make an implied bet on gold, bet on gold, bet on GLD, buy the gold futures, avoid the gold miners, and whatever you do, avoid the junior miners," he said. "That's just a place to throw money down a hole."

(Read More: My Problem With Gold: Joe Terranova)

Gartman also noted price action in copper, along with tin, aluminum and zinc.

"They all look bad, and in aggregate that's a PhD in economics, and that doesn't bode well for the economy, as it were.

(Read More: 'Talk of Dr. Copper Is Crap': Stephen Weiss)

"Copper's telling us a story about slowing global economic growth," he said. "Pay attention to that fact."

Trader disclosure: On April 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: 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; Pete Najarian is long AAPL; Pete Najarian is long C CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is short SBUX PUTS; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long TXN CALLS; Pete Najarian is long CAT CALLS; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long LFE; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM Puts;

For Michael Pachter
Wedbush Securities makes a market in the securities of Netflix (NFLX); I, Michael Pachter, Nick McKay, certify that the views expressed in this report accurately reflect my personal opinion and that I have not and will not, directly or indirectly, receive compensation or other payments in connection with my specific recommendations or views contained in this report.

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GOLD
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