Fed Will Benefit These Trades: Gartman

Dennis Gartman
Peter Foley | Bloomberg | Getty Images
Dennis Gartman

The Federal Reserve's latest action will hurt the U.S. dollar but benefit a few other trades, commodities trader Dennis Gartman said Wednesday on CNBC.

On "Fast Money," the editor of The Gartman Letter explained his gold position.

"I'm openly bullish of gold. I'm going to continue to be long of gold in yen terms," he said. "If you look at a chart of gold in yen, it is up in the course of the last month and a half. Gold in dollar terms is down. Gold in euro terms is actually down. It should continue."

Gartman also laid out how he held gold positions while shorting Japanese yen.

The Federal Reserve's announcement of continued bond-buying and low interest rates helped some assets and hurt others.

"What the Fed has just done, it's done damage to the U.S. dollar," Gartman said.

The beneficiaries, he added, would be stocks, gold and most commodities, as well as Australian, Canadian and New Zealand dollars.

Trader disclosure: On Dec. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long TGT; Enis Taner is long GS; Enis Taner is long AAPL 1X2 CALL SPREAD; Enis Taner is long GOOG PUT BUTTERFLY; Enis Taner is long SPY PUTS; Enis Taner is long XRT; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LLY; Steve Weiss is long BAC; Steve Weiss is long JPM; Steve Weiss is long C; Steve Weiss is long FXI.