Gold is almost like another currency these days, and this strategist thinks it has room to run against the euro.
To watch gold in the US markets today, you'd see little action against the dollar.
But if you think about gold as a currency, and measure it against the euro or the British pound, the picture changes, says Dennis Gartman, editor and publisher of The Gartman Letter.
Money is "going into gold in euro terms, it's going into gold in sterling terms, it's going into gold in yen terms," Gartman told CNBC.
"What we're seeing with the circumstances in Greece really is going to work to the benefit of owning gold, especially in euro terms - long gold, short the euro."
Gartman estimates that by the end of the year, gold could reach $1,650 in dollar terms, and in euro terms, perhaps another 100 euros higher.
You can watch the whole discussion right here in the video clip.
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