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A Trump presidency could end this 32-year bull market: Gartman

Donald Trump is rising in the polls, and that could be very bad news for the markets, according to veteran trader Dennis Gartman.

"A Trump presidency would be enormously bearish for stocks," Gartman told CNBC's "Fast Money" on Monday. "He's a wild card and the market hates wild cards."

The Republican presidential nominee is closing in on Democratic rival Hillary Clinton after her campaign mishandled the release of information regarding a health scare over the weekend, raising questions about the transparency of her campaign. The latest Washington Post and ABC News poll shows that Clinton leads among likely voters by 46 percent while Trump trails at 41 percent. The poll has a margin of error of plus or minus 3.5 percentage points.

The market has reacted negatively to Trump in the past, as volatility tends to spike every time the likelihood of a victory by the GOP nominee increases — and as Gartman views it, it will only get worse as the race gets tighter.

"I think it would be terribly detrimental to stock prices were he to get closer to 42, 45, 46 percent and draw closer to where she is right now," said the editor and publisher of The Gartman Letter. "Confusion breeds contempt and confusion would be part of his administration to begin with."

The same can be said for bond prices, added Gartman. "It has been a 32-year bull market and it looks like the peak was made," he said. "I think that a Trump presidency would probably allow rates to go higher and I think that would be terribly detrimental to bond prices."

But there's one asset class that Gartman sees flourishing under a President Trump, and that's gold.

"Gold likes confusion, gold likes political dissent, gold would probably do rather well in a Trump administration," he explained.

Gold is tracking for its best year since 2010, up 25 percent in 2016.