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Dennis Gartman Says Gold ‘Wants to Go Higher’

The chart in gold appears suggests that the precious metal has upside potential, noted investor Dennis Gartman told CNBC on Wednesday.

“If you make me do something in gold in dollar terms, I’m going to be a buyer rather than a seller,” he said on “Fast Money.”

Gartman added that he wasn’t bullish on gold because of an expectation of QE3.

“I don’t think that’s going to happen,” he said. “Gold is nothing more than another currency, another reservable asset. It is equal to yen, it’s equal to dollars, it’s equal to euros.”

Gartman added that most central banks are underrepresented in gold.

“Given the chart pattern, given what’s happening, it certainly seems that it’s gone sideways for a long period of time, and it looks like it’s going to go higher,” he said. “And I think that’s what it’s going to do.”

Trader disclosure: On Aug. 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is short VALE; Stephen Weiss is short TCK; Stephen Weiss is short X; Stephen Weiss is short AKS; Stephen Weiss is short AAPL PUTS; Stephen Weiss is long QCOM; Stephen Weiss is long JCP; Stephen Weiss is long JWN; Stephen Weiss is long CLNY; Stephen Weiss is long AMLP; Stephen Weiss is long AMTG; Stephen Weiss is long HK; Stephen Weiss is long WLP; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Jon Najarian is long GLUU; Jon Najarian is long call spreads AAPL; Jon Najarian is long call spreads JPM; Jon Najarian is long call spreads GS; Jon Najarian is long call spreads SBUX ; Jon Najarian is long call spreads FB; Jon Najarian is long call spreads JOSB; Jon Najarian is long call spreads JOY;

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