As the Bank of Japan continues its aggressive monetary policy, debasing the yen in an attempt to end years of deflation, Gartman has become bearish on the currency. In turn, he's long gold in terms of the yen.
The metal has come under pressure lately, nearly falling to a three-year low of $1,180.71 an ounce on June 28. A better-than-expected June jobs report released Friday gave way to even further declines, with the metal shedding 3 percent to $1,213 an ounce and poised for a third consecutive week of losses.
(Read More: Gold Pummeled by Jobs Data, Sheds 3%)
What matters to Gartman, though, is how gold performs against the yen.
"Gold may go down in dollar terms. I'm bullish of gold in yen terms and that has to be differentiated," Gartman said, adding there is a possibility gold could fall to $1,000 an ounce.
Tom Vitiello of Aurum Options Strategies said he understands Gartman's trade, but wouldn't endorse it.
"I think if you're trading the yen, you should trade the yen versus the dollar," Vitiello said later on "Squawk Box." "If you follow what the yen started to do in November, gold has followed it. We're down since November and it was really all probably that was the initial catalyst that created the decline in the gold."
Looking ahead, Vitiello thinks the price of gold will continue to fall as nervous investors dump out of their positions. After all, as the old market dictum goes, selling begets more selling.
—By CNBC's Drew Sandholm. Follow him on Twitter @DrewSandholm.
—Reuters contributed to this report.