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In the near term that's the euro, which The Gartman Letter founder and publisher believes can "easily" fall to parity with the U.S. dollar.
"I think you can get both sides. I think you can get gold in dollar terms rising, and I think you get the euro falling, so gold in euro terms gets very strong," he told CNBC's "Squawk Box" on Thursday.
Gold is often held as a hedge against inflation, though some investors question its effectiveness as protection against rising prices. Gold prices are up about 6.6 percent this year.
The euro has appreciated 4.6 percent against the greenback year to date, but Gartman said he sees trouble for Europe.
Gartman made his comments after European Central Bank President Mario Draghi warned that the euro zone is at risk of suffering lasting economic damage in the face of weak output and productivity. Monetary policy alone cannot generate growth, he told an economic forum.
"Draghi's comments this morning I thought were very, very serious," Gartman said, noting the euro weakened after the speech. "He's made it abundantly clear that there is not much more that they can do."
In Gartman's view, the only option left for European monetary policymakers is helicopter money — a distribution of cash to consumers, such as through direct transfers or tax cuts.