Dennis Gartman on gold: ‘Buy more’

For the first time in a while, commodities trader Dennis Gartman expects gold miners to outperform the precious metal itself.

"It's the first time in a long while that I actually think the gold miners can outperform gold," he said. "For five years now, the gold miners have underperformed very badly. But over the course of the last several months, it's interesting to watch the GDX."

On CNBC's "Fast Money," Gartman said that the gold mining exchange-traded fund was giving the gold ETF a run for its money.

"It's actually begun to gain relative to the GLD," he said. "It's begun to gain relative gold futures. It's unusual. I think it's long overdue. And if you are the public, rather than trading gold futures, you're probably going to be better off trading the gold mining stocks."

(Read more: It's a 'stock-picking market,' Mike Murphy says)

As for the precious metal, Gartman's play was simple:

"Buy more."

Gartman said he was impressed by the day's gold price action.

"You walked in, it gapped higher right off the bat at $1,315, never looked back. Very impressive action," he said. "I'm not a gold bug. Everybody should know that by now. I think of gold as nothing more than another currency."

Still, he added, it was "impressive" that even as crude oil fell sharply in the afternoon, gold still gained.

"You have to like it," Gartman said. "Gold wants to go higher, probably predicated on a continued expectation that the Fed will continue to expand reserves, and so shall too other central banks."

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Gartman also said that it was rare to see backwardation, which occurs when the futures price for a given date falls below the expected value of a commodity on that date.

"You don't sell backwardations in any market, and you specifically don't sell backwardation in the gold market," he added.

(Read more: CNBC Explains: Backwardation)

The rally in the S&P 500, which ended the day at an all-time closing high of 1,695.53, would continue, Gartman predicted.

"It is a bull market," he said. "It has continued to be a bull market. It shall likely continue to be a bull market, even as talk of tapering obtains, the Fed is not going to be un-accommodative for a long period of time, and I actually think the economy is beginning to show better signs of strength."

(Read more: Stocks eke out gains; S&P 500 closes at fresh high, logs 4-day win streak)

Noting that it was rare to see gold and stocks both posting gains, Gartman suggested playing both.

"It might be a good hedge to own stocks and own gold, hedging one another," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On July 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Dan Nathan is short BBRY 12/10 put spread; Dan Nathan is long QCOM Aug 65 calls; Dan Nathan is long VIX Aug 15/20/25 call fly ; Dan Nathan is long TXN Aug 38/36 put spread; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long NFLX; Pete Najarian is long OKE; Pete Najarian is long MU; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long BBRY; Anthony Scaramucci is long JPM; Anthony Scaramucci is long BBRY; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Anthony Scaramucci is long AMZN; Anthony Scaramucci is long HPQ.