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Dennis Gartman eyes a new gold trade

Monday, 28 Oct 2013 | 6:21 PM ET
Dennis Gartman 'interested' in a new gold trade
Monday, 28 Oct 2013 | 5:48 PM ET
Ongoing quantitative easing from the Fed is making a few trades attractive, the commodities trader says.

Ongoing quantitative easing won't be great for the U.S. dollar but will make a few other trades attractive, commodities trader Dennis Gartman said Monday.

"As long as the Fed remains accommodative on into 2014—and I think they will remain all the way through 2014—that's probably not supportive to the dollar," he said. "It's probably supportive to the bond market. It's probably supportive to the gold market. And it's probably supportive to stock prices."

On CNBC's "Fast Money," the editor and publisher of The Gartman Letter, who continues to be long gold in yen terms, said that he was now looking at another trade.

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"I'm actually interested in buying gold now in euro terms," he said. "I'm interested. I'm not doing it yet. But I have a fascination with what's going on there."

Gartman also said that this week's Federal Open Market Committee meeting would be uneventful.

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"It's probably going to be probably the most boring FOMC meeting of the year," he said, noting that it does not make monetary policy changes without holding a news conference. "It's going to be a very boring session."

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.

Trader disclosure: On Oct. 28, 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; Jon Najarian is long AAPL; Jon Najarian is long GILD; Jon Najarian is long MSFT; Jon Najarian is long MCD; Jon Najarian is long CAT; Jon Najarian is long TLM; Jon Najarian is long JIVE; Jon Najarian is long PEP; Jon Najarian is long NTRI; Pete Najarian is long stock AAPL; Pete Najarian is long calls AAPL; Pete Najarian is long calls C; Pete Najarian is long calls MS; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long calls FB; Pete Najarian is long calls MSFT; Pete Najarian is long calls M; Pete Najarian is long MRK; Pete Najarian is long BMY; Pete Najarian is long LLY; Pete Najarian is long PFE; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX.

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