It's been a banner year for the commodities market, but for investors wondering how to play the space in 2017, Dennis Gartman sees volatility in many of the traditional assets.
According to Gartman, "The trade for the next year," or at least for the next few months, is actually in soft agricultural commodities.
"Historically at this time of the year, being long corn and short wheat [is the trade, especially as] the winter wheat crop seems to be in pretty good shape," the editor and publisher of The Gartman Letter said Tuesday on CNBC's "Futures Now."
"We've gotten decent rains and snow where needed, we had some cold temperatures last week that might've done a little damage to the wintering wheat crop but on balance, we will do fine."
But if Gartman were to own a commodity next year, he still believes that gold is the one for investors' portfolios. This even though the yellow metal is seeing its longest losing streak in 12 years, with seven straight weeks of decline. He says that from a technical standpoint, gold is actually holding its own with a support level around $1,125.
This means that Gartman doesn't see gold dropping below $1,125, even though the metal has plunged more than 10 percent since the election in November.