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Dennis Gartman changes his mind on gold

Gold bugs take heart: One of the biggest bullion bears is suddenly bullish.

"I think for the first time in a while, you can actually say the lows may have been in dollar-dominated gold," Dennis Gartman told CNBC's "Fast Money" this week.

Typically, the editor of The Gartman Letter likes to buy gold in weaker currencies like the euro or the yen, but the recent turmoil in the currency markets has Gartman bullish on gold in more traditional dollar terms.

"Maybe the dollar has seen its best levels, certainly looks that way against the Canadian, Aussie and the kiwi, and that's going to bode well for gold," Gartman said.

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Gold has fallen 14 percent this year, but has made a comeback recently. This week, bullion closed up 2 percent, its best showing since June.

"It could be a turning point," added Gartman, who noted the reversal in a number of soft commodities as well.

"For the first time literally in years I'm at least no longer bearish of gold in U.S. dollar terms, and might even be coaxed into being an outright buyer," he added.