Gold prices suffered a sell-off on Friday after stronger-than-expected U.S. jobs report led to expectations of a U.S. Federal Reserve rate hike. But nonetheless, some analysts are still extremely bullish on gold prices
"I have been bullish on gold in non-U.S. dollar terms for years now," Dennis Gartman, Founder, Editor & Publisher of The Gartman Letter told CNBC on Monday.
"In terms of yen for four years, in terms of euro for 2.5 years and quietly in terms of U.S. dollar I have been neutral to slightly negative on gold."
Gartman said that while Friday was not a great day for him, he is still up nearly 6 percent for the year and will continue to remain bullish on gold in non-U.S. dollar terms. "The odds of monetary authorities in Japan and Europe becoming expansionary than the monetary authorities in the United States are demonstrably high and therefore I am going to earn that direction."
U.S. job creation crushed estimates in July as the economy added 255,000 positions, according to the Labor Department. Economists had estimated an increase of 180,000.