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Chinese Yuan May Oust Dollar as Reserve Currency: Gartman

Gold prices rose above $1,050 an ounce on Monday as the dollar turned lower against the euro. Dennis Gartman, founder and editor of The Gartman Letter, shared his outlook on gold prices and currencies.

“We are losing the ability to remain the reserve currency,” Gartman told CNBC.

“We are still the world’s reserve currency and as long as we remain the world’s number one military power, we will still be the majority of the world’s currencies.”

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Gartman said 98 percent of the world’s reserves were once held in dollars, but is now concerned that the number is continuously declining, adding that China’s yuan may eventually become the next reserve currency.

“That is not going to stop and what I’m disturbed about is that nobody is paying much attention and it doesn’t seem that Washington and the Obama administration understands the seriousness of not being the world’s reserve currency,” he said.

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Gartman said he has a " and suggests investors ". “I’ve been long the Canadian and the Australian dollars,” he added.

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Disclosure:

Gartman owns gold.

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