Futures Now

Dennis Gartman: This could be 'the next big trade'

Gartman's trade idea: Buy gold, short crude
Gartman's trade idea: Buy gold, short crude

Dennis Gartman has long liked gold in terms of Japanese yen. Now he's found a new way to get into bullion.

"Perhaps what one might want to do [is] buy gold and sell crude oil against it," Gartman said Tuesday on CNBC's "Futures Now." "That might be the next big trade."

Gartman, editor and publisher of the Gartman Letter, says the overall trend in gold is favorable.

Read More Ukraine crisis testing gold's safe-haven status

"I think Friday's activity was very important," Gartman said. "You made a new low, then you rallied very hard—an outside reversal day as the technicians say—and as long as that outside reversal holds, you have to use any period of weakness to be a buyer."

And as for the other half of that trade? Gartman expects that the American response to Russian moves in Ukraine will cause a decline in crude.

"I think that what government in the United States needs to do is take the only weapon that it has, which is crude oil. And a sizable chunk of that crude oil is tied up in the Strategic Petroleum Reserve. If I were the president of the United States, knowing that the only weapon that I have—I can't do any further sanctioning, Germany and France won't agree with it, Belgium won't agree with it—I'd release crude oil from the SPR."

Read More Dennis Gartman: Sell oil on the bounce

"That would do a lot of damage to Russia. That would do a lot of benefit to consumers everywhere, especially with an election coming up," Gartman added.

So far this year, gold has vastly outperformed crude oil, rising 7 percent versus oil's 1 percent gain.

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