He called this year's gold rally, and Dennis Gartman isn't letting ominous signs change his forecast.
Gartman, often known as the commodities king, predicts the yellow metal's run has a lot more gas in it.
"A year from now, gold will be demonstrably higher than it is right now," The Gartman Letter's founder told "Futures Now" in a recent interview. "I would certainly think we could see $1400 [an ounce] in dollar terms."
That would represent a gain of about seven percent from current levels.
Bullion dropped below $1300 last week — a key technical level. It came in danger of dropping below its 50-day moving average. However, none of that is rattling Gartman.
"This is a correction but let's understand the last rally that we had took off from $1200 to $1370. The fact that we've fallen back below $1300 I think is relatively inconsequential," he added.
Gold is a go-to asset for investors seeking shelter from market volatility, as well as those who believe paper money could be rendered worthless by inflationary fiscal and monetary policies. Gartman, however, avoided putting himself squarely in either of those camps.
"I am not a gold bug. I don't believe the world is going to come to an end. I don't think you own gold because you think governments are going to be collapsing around the world," he said.
His reason to own gold: Central banks and easy money.
"The monetary authorities are all still remaining expansionary," noted Gartman, given that easy central bank policy tends to undermine major currencies like the dollar and euro. "In that instance, the one currency that will probably do the best of all is gold."
He doesn't believe the Federal Reserve's intention to start reducing its $4.5 trillion balance sheet in October will be a headwind for gold. The unwinding of the Fed's crisis-era policy "is going to take five or six years. This is not something that will occur overnight," he said.
Gartman declared on "Futures Now" last December that gold was the top commodity to own in 2017.
He also noted that the precious metal has outperformed the S&P 500 Index, an observation he says hasn't been getting enough attention on the street.
"If you ask most people what is up more: The S&P or gold for the year," Gartman asked. "Most people wouldn't be able to answer that question properly."