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I'm Back Into Gold: Dennis Gartman

Dennis Gartman got out of gold last week, but he's back thanks to an inadvertent push by Federal Reserve Chairman Ben Bernanke.

"I was wrong in standing aside," said the publisher of The Gartman Letter. "Fortunately I didn’t stand aside on much. I got scared. The pros get more frightened than amateurs in this business, and the first rule is to keep your powder dry."

Gartman is a little unusual in that he owns gold in yen rather than in dollars, and last week he "thought the yen was going to weaken dramatically," which helped push him out of gold.

Then Bernankespoke to the National Association of Business Economics before the market opened Monday and said that with a continuing weak labor market, the Fedcould do more quantitative easing if necessary.

"Sometimes you get lucky" and "Dr. Bernanke got me a little lucky this morning," said Gartman. He said he "got lucky" with Bernanke's easing comments, indicating possibly another round, which would be QE3, is back on the table.

"If you'd ask people last week you’d think QE3 was off the table and broken on the floor," Gartman said. The thought of QE3 helped send gold higher.

But even before Bernanke spoke Gartman said "it was apparent to me the trend was still up" for gold. But he's not setting any targets.

"I’m old enough in this business to understand that making targets usually makes you look rather foolish," he said.

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Trader disclosure: On March 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long NXPI; Joe Terranova is long IBM; Joe Terranova is long MCD; Joe Terranova is long EMC; Joe Terranova is long MSFT; Joe Terranova is long JOY; Joe Terranova is long OXY; Joe Terranova is long LQD; Joe Terranova is long POT; Joe Terranova is long TBT; Joe Terranova is long HIBB; Steve Grasso is long ANR; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long PRST; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in GDX; Jon Najarian is long call spreads in MS; Jon Najarian is long call spreads in INTC; Jon Najarian is long call spreads in JOY; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in VLO; Jon Najarian is long call spreads in AMZN; Jon Najarian is long call spreads in IBM; Jon Najarian is long call spreads in LGF; Jon Najarian is long call spreads in MGM; Jon Najarian is long CIGX; Jon Najarian is long CBOE; Jon Najarian is long CME; Josh Brown is long JPM; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long XLF; Josh Brown is long INTC; Josh Brown is long CSCO; Josh Brown is long IBM; Josh Brown is long LULU; Steven Weiss is long F

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For Dennis Gartman

Dennis Gartman is long GOLD in YEN terms

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