Futures & Commodities

Gartman: We may have already seen commodity bottom

Commodity prices will surprise you in two years: Gartman

A bottom in commodity prices may come within the next few months, if it already hasn't passed, Dennis Gartman said Thursday.

"I wouldn't be surprised if two years from now we have oil prices higher than where they are right now," the founder of The Gartman Letter told CNBC's "Closing Bell."

"I do think that the worst is absolutely behind us because all anyone ever talks about is how awful the commodity market is. I think for the first time in a long time it's proper to be bullish commodities; they may still go down some but I have my severe doubts."

Gartman said that because many businesses have closed and some banks have ended their trading operations there could be some more pain to come, but "two years from now I think we will be surprised at where commodity prices will be."