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Dennis Gartman: Look for Gains in Gold, Brent

Following Federal Reserve Chairman Ben Bernanke’s comments, it is time to own gold in yen, euro and dollar terms, as well as Brent crude, noted investor Dennis Gartman said Friday on CNBC.

“I always like to say that gold is nothing more than another currency. It’s just another reservable asset. It’s a currency cross, so, yes, it looks like it’s going higher.

“I think one needs to own gold in euro terms, yen terms and even dollar terms now,” the editor of The Gartman Letter said on “Fast Money.”

When looking at crude oil, Gartman said it was far better to be bullish Brent.

“WTI, not so much,” he added.

Trader disclosure: On Aug. 31, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long JPM CALLS SPREADS; Jon Najarian is long SBUX CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long GOOG CALL SPREADS; Jon Najarian is long KO CALL SPREADS; Jon Najarian is long MCD CALL SPREADS; Jon Najarian is long UPL CALL SPREADS; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long INTC; Pete Najarian is long HPQ; Pete Najarian is long BAC CALLS; Pete Najarian is long MRK; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is long HOV; Mike Murphy is long TWI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Dennis Gartman is long Gold; Dennis Gartman is long Grains; Dennis Gartman is short YEN; Dennis Gartman is short EUR.

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