Futures Now

Dennis Gartman: Here's my single best trade for 2014

Dennis Gartman: My best trade for 2014
Dennis Gartman: My best trade for 2014

Dennis Gartman says the single best trade for 2014 will be one that worked big-time in 2013: shorting the Japanese yen.

"Continuing to be short of yen against the English-speaking currencies—selling yen against sterling, selling yen against the U.S. dollar, selling yen against the Canadian dollar—I think that's going to be the great trade" of 2014, Gartman said Thursday on CNBC's "Futures Now."

Shorting the yen against the U.S. dollar has been a hugely winning trade in 2013, as the dollar has risen a massive 21 percent against the yen this year as the Bank of Japan tries to spur inflation after a long, painful deflationary period.

"The monetary authorities in Japan have made it abundantly clear they're going to expand the supply of reserves," Gartman said. "They have no choice—it's begun to work for them; they're going to continue. So sell yen against the English-speaking currencies."

The Bank of Japan's position, then, has made the trade a relatively easy one, in Gartman's view.

"The BOJ has made it clear they would like to see a weaker yen," Gartman noted. "You may not want to take the side of a currency whose central bank says they'd like their currency to go higher, [but] always take the side of a central bank when they want their currency to go down."

—By CNBC's Alex Rosenberg. Follow him on Twitter: @CNBCAlex.