Gold is in the midst of its worst two-day stretch since December. But the Commodities King isn't ready to throw in the towel just yet.
"For the moment at least, the fear of war in Russia has been alleviated. But it's not eliminated. It's just been alleviated, and it was the fear of war that sent gold prices higher in the first place," Dennis Gartman said on Tuesday's edition of "Futures Now."
According to Gartman, publisher of The Gartman Letter, only one thing matters most to gold bugs now: Vladimir Putin. The greater the tension in Ukraine, the higher gold prices should go, Gartman said. As those pressures ease, gold should fall.
(Read more: Gold ends 1% lower as stocks rally on Putin speech)
"Any incursion by the Russians into mainland Ukraine, while unlikely, but remotely possible, would send gold soaring," Gartman said.
Of course, it's been quite the year for bullion. Gold is up 13.3 percent year-to-date, and if it can hold its gains, it would be its best first-quarter performance since 1985. Gold is also on track for its best overall quarter since the third quarter of 2007.
But despite the gains, Gartman still sees some near-term gold headwinds. "Central bank policy changes are not imminent, so those concerns are not driving gold; stocks are firmer, so that is weighing upon gold prices as money moves back from gold into equities. There is no sense of rising inflation and oil prices are at best steady, and that too weighs upon gold."
Still, in the long term Gartman remains a solid bull, noting that sentiment and the technical setup are still very constructive for gold.
"The chart is going from the lower left to the upper right," said Gartman. "And in my view, that should continue for some time, and you should buy."