Gold's sub-$1,200 bottom will hold, Gartman says
The low that gold prices hit a month ago will stand as the bottom for "a fairly long period of time," investor Dennis Gartman told CNBC on Friday.
"I'm long gold, but not a gold bug," he added.
The Gartman Letter founder and publisher would not get more specific in an interview on "Squawk Box," but he did take a victory lap. "I got very lucky and bought gold on that one day when it really broke hard."
Gartman, a longtime gold bear, said he bought just before prices sank to $1,179 an ounce on June 28, and he's been bullish ever since then. "I bought it for the simple reason that every media outlet, any newspaper article, everything that you listened to was overtly … bearish."
(Read more: Gold regains some luster, but can it keep shining?)
Remember, gold skyrocketed from $800 an ounce in early 2009 to more than $1,900 in the fall of 2011.
But the precious metal entered a bear market in April. And despite what looked like a bottom then, prices ended up turning even lower.
(Read more: China bubble to end commodities supercycle: Chanos)
The trend now looks to be higher, Gartman contended, though he balked at predicting where gold will go in the long term. "I'm lucky if I can look out past next Tuesday."