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AP |
While not being comfortable with the current gold trade, Dennis Gartman, founder of The Gartman Letter, told CNBC Monday that the price of the precious metal will "continue to go up until it stops."
"It is a gold bubble," Gartman told CNBC. He called the trade on gold "mind boggling," but also said he is currently long — or betting gold will go higher.
Gold hit a fresh record high above $1,130 an ounce early Monday as the dollar fell against other Western currencies.
Gold's Friday low of $1,102 an ounce is the floor, according to Gartman. If it falls below that mark, he suggests investors should "head to the sidelines."
Video: Dennis Gartman, founder of "The Gartman Letter," shares his outlook for gold.
The trend for the dollar is "still down" and will continue, Gartman said. It's an "unbelievably crowded trade," he added.
But any "correlation between a national currency and the stock market is negligible at best," he said.
As for where he'd park cash for good returns, Gartman tipped Canadian and Australian currencies.
"If you're going to be any place, be there," Gartman said.
Australia's central bank has already raised interest rates twice in the last couple of months and Canada is preparing to hike its key lending rate, he said.
As for stocks, it will take bad economic data or political circumstance to knock them off their rally, Gartman said.
When asked what is driving stocks' upward movement, Gartman answered: "Liquidity."
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