Dollar will go higher in 2015: Dennis Gartman

Gartman: US won't decrease oil production

Many market movements in 2014 surprised investors, like how low and how quickly crude fell and how high stocks went, noted investor Dennis Gartman said Wednesday. However, one thing he's pretty confident about for 2015 is that the U.S. dollar will continue to power higher.

"I think the bull market in the dollar has really only just begun. Of course there'll be corrections along the way," the editor and publisher of The Gartman Letter told CNBC's "Closing Bell."

Therefore, for those looking to own gold, he would not do so on dollar terms but would do so in yen-denominated or euro-dominated terms.

"Those currencies are going to weaken as their central banks continue to expand their monetary bases in both instances."

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Gartman also sees the stock market moving higher next year, and would use any periods of weaknesses to buy.

However, he believes oil will continue to fall, possibly going below $40.

"We're going to have an abundance of crude all over the world. Demand may pick up a bit but it will not keep up with supply," Gartman said.

He also pointed to term structures in the futures market continuing to move toward ever-widening contango, which occurs in a market when futures prices for a commodity are greater than the current spot price.

"It is very possible we may get a 3 handle before the year is out."

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—CNBC's Crystal Lau contributed to this report.