Gartman's trade of the moment on the Syrian crisis
"Buy gold and sell euros," closely followed investor Dennis Gartman told CNBC on Wednesday. Given the crisis in Syria, he said, "that's probably going to be the better trade at this moment now."
Gold prices rallied to 3½-month highs above $1,430 an ounce on Wednesday as concern about a military strike against Syria by the U.S. and its allies sparked safe-haven buying and, in turn, short-covering.
(Read more: Gold climbs to 3-1/2 month high on Syria jitters)
"There was more going on in the gold market than Syria. But clearly the Syrian circumstances have the bid more aggressive than it might have been," said The Gartman Letter founder and publisher, who's been long gold since the lows of late June. Before that, he was a long-time gold bear.
As the U.S. and its allies prepare for a possible attack on Syria for its alleged use of chemical weapons, Europe stands to lose the most because it faces "the greatest shortage of crude oil" and the "inability to get oil out of the Middle East at the same rate as it had in the past," Gartman said in a "Squawk Box" interview.
"Brent has been rising relative to WTI" because of Syria rather than fundamental market circumstances, he said.
U.S. oil prices also soared in early Wednesday trading—topping $112 a barrel; their highest level in more than two years.
(Read more: Oil skyrockets then reverses)
Meanwhile, Gartman said he wants to be a buyer of U.S. stocks but remains on the sidelines. He's still "long some Japanese equities" that he bought prior to the worsening situation in Syria.
As for the bond market, which has been rallying on Syria concerns, Gartman said, "Give me another half-of-a-point rally in the long bond future and give me a quarter-of-a-point rally in the 10-year future and almost certainly I'll be a seller."