Gold Nowhere Near Its Low: Gartman

Monday, 24 Jun 2013 | 6:35 PM ET
Gold Nowhere Near Its Low: Gartman
Monday, 24 Jun 2013 | 5:27 PM ET
Investors can't be too bullish on gold or copper, commodities trader Dennis Gartman says.

Investors can't be too bullish on either gold or copper, commodities trader Dennis Gartman said Monday.

"You can't find yourself being too terribly bullish of any of the metals at this point," he said.

Gold futures closed at $1,281.60, up 0.35 percent, while copper ticked up 0.18 percent to end the day at $3.03.

On CNBC's "Fast Money," Gartman sounded bearish on copper.

"Copper clearly has difficult fundamentals facing it," he said, expecting it to drop below $3 per pound.

"Gold needs fuel, needs monetary aggressiveness to push it up," Gartman added, noting that it wasn't receiving it.

(Watch Video: Commodities Tomorrow: Goldman Lowers Gold)

"It only has one friend in the Bank of Japan, and if you're going to be long of gold, the only way to do it is to be long in yen terms," he said. "Anybody who holds gold in dollar terms finds himself in a very uncomfortable position."

In order for call a bottom in gold, Gartman said that he would need to see a few things happen first.

Commodities Tomorrow: Goldman Lowers Gold Forecast
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Crude was up more than 1 percent at the close, while gold was down about 1 percent.

"You'd need to see crude oil start to move higher, which it did," he said. "You'd need to see the stock market hold and move higher, which it did, or it tried at least for a while. It gave up the ghost in the last half hour, but I want to try to be bullish on the stock market here for the first time in months and months.

(Read More: Gold Bull Sees Pain Ahead)

"You'd have to see the front-month futures gaining on the back months, and they're not doing that at this point."

Gartman added that while he might bet on gold heading lower, he wasn't about to short copper.

"I'll press the short side in gold, but I will not do it in copper," he said.

(Read More: 'There Are Very Scary Times': Dennis Gartman)

Trader disclosure: On June 24, 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 MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long ORCL; Karen Finerman is long MDY, SPY, KFS puts; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long CLF; Tim Seymour is long SBUX; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long FB; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long MSFT; Pete Najarian is long SE; Pete Najarian is long GT; Pete Najarian is long EEM; Pete Najarian is long XLB.

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