The rush to buy gold and the rise in the bond market witnessed this week are not reassuring for investors, as they indicate fears of future troubles in the economy, Dennis Gartman, author of The Gartman Letter, told CNBC Friday.
Gold has rallied strongly over the past two days, toying with $1,000 an ounce, because of uncertainty on where the economy was heading and fears that the 6-month stock market rally was over.
"It is a very weird week when you see gold going up and the bond market rallying," Gartman told "Squawk Box," adding that one cannot have a "warm and fuzzy feeling" when one sees it.
However, Gartman warned that gold, although it has been the place where inflation hedgers have gone in the past, may be a risky investment right now because so many people are crowding into it again.
"I don't like it when I see gold going higher, but you have to be long," said Gartman, adding that he was not reducing his position in the precious metal but was not adding to it, either. "You have to be careful out there."
He brushed off other analysts' suggestions that it was all because of a lack of investors in a week before the long Labor Day weekend in the US.
"I'd like to write it off, I'd like to think it's the illiquidity of this half week… but even if you're on holiday, wouldn't you be coming back in? And I don't see that happening," Gartman said.