Calling it a "watershed" shift on gold, Dennis Gartman, the founder of The Gartman Letter, told CNBC his sentiment on the precious metal has changed from bearish to bullish.
(Read More: Gartman's 'Watershed' Shift on Gold)
"Having been bearish of gold for a long period of time, given the level of skepticism that has incurred, given the changes in the open interest in the futures markets, and perhaps I'm wrong—golly, it wouldn't be the first time that I have been wrong and it certainly won't be the last—but having been bearish of gold for a long period of time, I thought perhaps it was wise to step up and be a buyer," Gartman said on "Squawk Box."
Gartman said he's not a "gold bug," though. He views the yellow metal as just another currency, affected by cross rates, meaning the currency exchange rate between two currencies.