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Halftime: Dennis Gartman: Austere Europe Just Not Going to Happen

While the head of the European Central Bank called for a tightening of the union Thursday, “Fast Money” contributor Dennis Gartman stood by his call that the euro will unravel.

“Is it going to happen by next Tuesday? Oh, I don’t think so,” Gartman proclaimed. “Is it going to happen in the next several years? Of course it shall, it can’t continue the way it is continuing.”

Gartman first told “Fast Money” back in November that he believes the euro will break apart into a northern euro and southern euro.

But European Central Bank President Jean-Claude Trichet went in the opposite direction in a speech Thursday, calling for tighter central control of economic policy if the current debt crisis does not get resolved.

Gartman thinks it’s a nice idea, but said he doesn’t see Italy, Spain, Portugal or Greece jumping aboard and agreeing to turn over their finance policies to the European Union.

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Of course, the “Fast Money” team couldn’t talk to the esteemed commodities trader without asking about commodities.

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Gartman said he believes some look toppy, while others were intact. He liked grains but does not like silver , gold or copper .

”That’s perfectly logical when you take a look at the economic data we’ve been faced with this week,” Gartman said. “We’ve gotten PMI almost everywhere around the world turning lower – not making new highs. These are disturbing stats and so you’re getting disturbing moves in commodities prices, which all look to be moving lower."

Watch the video to see the full interview, starting about eight minutes in.


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Trader disclosure: On June 2, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by “Fast Money” traders; Grasso owns (AKS); Grasso owns (AMD); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (C); Grasso owns (D); Grasso owns (HOV); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Brown owns (AAPL); Brown owns (GM); Brown owns (JPM); Brown owns (YHOO); Brown owns (QCOM); Brown owns (GLD); Brown owns S&P 500 ETF; Brown owns Nasdaq 100 ETF; Brown owns Russell 2000 ETF; Adami owns (AGU); Adami owns (C); Adami owns (INTC); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE);Adami owns (BTU)

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