Last week he said rush for the exits, but now Dennis Gartman is convinced gold is going higher. What gives?
“I’m not a gold bug, but gold is going higher again,” he says on Monday’s Fast Money.
It's a technical call.
It seems Gartman's call last week to 'rush for the exits' was purely a belief that the precious metal was overbought, temporarily.
And he was right. Last week, gold slid 4.2%, the most since December. However, after 4 consecutive days of losses "gold has bottomed," he tells the desk.
Gartman suggests it's okay to buy - "I think we see a continued move out of euro and other currencies and into gold," he adds.