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Dennis Gartman: Get long gold, Nikkei

Monday, 26 Aug 2013 | 6:12 PM ET
Dennis Gartman: Get long gold, Nikkei
Monday, 26 Aug 2013 | 5:21 PM ET
Gold still wants to go a good deal higher, commodities trader Dennis Gartman says.

Geopolitical risk means gold has further to climb, commodities trader Dennis Gartman said Monday.

"I don't really think it's about to run out of steam," he said. "It is a bull market in gold."

Gold broke above $1,400 per ounce for the first time since June 7, briefly touching $1,406 intraday.

(Read more: Gold could rally further after breaking above $1,400—analysts)

On CNBC's "Fast Money," the editor and publisher of The Gartman Letter said that he was unequivocally bullish on gold.

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In light of Rex Ryan's latest blunder with Mark Sanchez and his injury, the "Fast Money" traders discuss which companies are the "Jets" of the market, with Jon Najarian. Also, what the options market is telling us about earnings winners and losers, with JJ Kinahan of TD Ameritrade.

"Gold is strong in yen terms. Gold is strong in euro terms. Gold is strong in sterling terms. And it's even strong in dollar terms," he said. "It is a bull market. It's still going higher. It wants to move, I think, a great good deal higher."

(Read more: Gold rises amid Syria fears, September jitters)

Gartman said that the precious metal could soon hit $1,415 or $1,425 given the escalating situation in Syria, which Secretary of State John Kerry addressed in an afternoon address.

"The market took it seriously enough to understand that that was a weak statement," Gartman said.

Continued weak economic data, he added, also made it unlikely that the Federal Reserve would begin to reduce – or taper – its $85 billion-per-month of asset purchases before December.

(Read more: The risk of rising rates on housing recovery)

Gartman also said that he was buying Japanese stocks.

"I went back and bought the Nikkei because I think the Nikkei is probably going to be the place where equity prices will have the greatest devaluation," he said. "I can be wrong."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Michael Newberg contributed research to this report. Follow him on Twitter: @MikeNewberg.

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