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Dennis Gartman Going Long Gold, Corn, Nat Gas

The world economy isn’t likely headed for a meltdown, but exposure to gold is still a good idea, noted commodities investor Dennis Gartman said Tuesday on CNBC.

“I am not a gold bug. I don’t think the world is coming to an end, but I think everyone needs to own some gold but the trend has been from the lower left to upper right for a long time,” he said. “Gold is just another currency.

“It is doing well in other currency terms. We saw gold make a new high in euro terms. It’s making new highs in yen terms. It is getting close to making new highs in dollar terms.”

On “Fast Money,” Gartman said that his preferred trade was in the gold ETF , bullion or a big player such as ASA Gold and Precious Metals , rather than in junior miners.

“I think gold stocks will probably overperform for the near time,” he said. “I will stay away from the juniors. I just don’t venture there.”

In the energy space, Gartman revealed that he held long positions via a Canadian fund in natural gas and short in crude oil.

“I think being long of nat gas and short of crude makes sense,” he said. “I will go with that trade.”

In agriculture, Gartman noted that the U.S. drought conditions were widely known.

“Grain prices got extremely extended on the upside. They’re are beginning to look rather weak,” he said. “If you need to own one corn is the one to own. If you need to be short one, you probably need to be short of soybeans.”

Trader disclosure: On Oct. 2, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Dan Nathan is long AAPL OCT 700/705 CALL SPREAD; Dan Nathan is long XLY NOV 46/44 PUT SPREAD; Dan Nathan is long YHOO JAN 17/5 CALLS; Dan Nathan is long FB NOV/JAN 22 CALL SPREAD; Dan Nathan is long GOOG 715/680/645 PUT FLY; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Simon Baker is long AAPL; Simon Baker is long GS; Simon Baker is long AMZN; Simon Baker is long GOOG; Simon Baker is long MDLZ; Simon Baker is long LEAP; Simon Baker is long CSTR; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long SBUX; Stephanie Link is long KFT; Stephanie Link is long MDLZ.

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