In a significant shift, Dennis Gartman has turned bullish of gold in U.S. dollar terms, he told CNBC on Tuesday.
“Gold’s going up in all currency terms at this point. Gold seems to be the dominant currency. It doesn’t really matter at this point,” the editor of The Gartman Letter said on “Fast Money.”
Gold is gaining in euro, yen and dollar terms, he added.
“I’m actually bullish for the first time in a long while. I’m actually bullish of gold in U.S. dollar terms,” he said. “I know people always get angry at me for always wanting to trade gold in non-U.S. dollar terms. I do that because it tends during the day, when you do that, to ameliorate, or to reduce the risk of the dollar itself that’s incumbent in gold.
“And, quite honestly, if you have been long of gold in yen terms, or been long of gold in euro terms, you actually have done better than gold in dollar terms.”
Trader disclosure: On Sept. 4, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC CALLS; Karen Finerman is long JPM CALL SPREADS; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short ANF; Karen Finerman is short NFLX; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Brian Kelly is long GLD; Brian Kelly is long QQQ; Brian Kelly is long CORN; Brian Kelly is long SOBEANS; Brian Kelly is long WHEAT; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT.
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