It's hard out there being a commodities king this year. Oil got crushed. Copper was obliterated. And soybeans got mashed. But Dennis Gartman has his eye on one commodity that met a particularly cruel fate in 2014:
Despite bullion being just pennies away from posting its first back-to-back yearly loss since 1997, the self-proclaimed commodities king and author of the eponymous Gartman Letter told CNBC.com's "Futures Now" on Tuesday that he sees gold enjoying a solid 2015.
"My better trade for the year will be the same trade that has been the better one for this year and the better one for the previous year, which is to be an owner of gold," said Gartman.
Of course, any Gartman recommendation of gold comes with a caveat, and in his case, he prefers to own the yellow metal in currencies outside the U.S., specifically in euro and yen terms, which he sees having a tough time next year as the European Central Bank and the Bank of Japan potentially look to devalue their currencies.
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"The Bank of Japan has been expanding its balance sheet. The ECB is going to expand its balance sheet," said Gartman. "Those currencies have been weak. They're going to remain weak."
Year to date, the euro and the yen have fallen a respective 11 percent and 12 percent against the dollar. But that has created an opportunity for gold bugs. If you owned gold in euros, you are up more than 8 percent in 2014. If you owned it in yen, you're up nearly 10 percent in 2014.
Gartman also sees other reasons to own gold.
"The political circumstances around the world mean that money will be moving to the United States, strengthening the U.S. dollar. But at the margins, looking also for safer horizons or safer harbors, that probably means gold."
Of course, despite myriad reasons to own gold in 2014, including a full-blown currency crisis in Russia and continued turmoil in the Middle East, the metal has failed to make a meaningful move.
But Gartman sees gold as the best way to play what he thinks will be a big theme in 2015: currency devaluation.
"The trend is towards a lower euro and a much lower yen," Gartman said.
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