truthingold.com / Dave in Denver / April 7, 2015 at 15:23
Gold prices climbed to their highest level in more than six weeks on Monday on the back of Friday’s disappointing jobs number, which sent the dollar index lower and left traders searching for safety. According to Dennis Gartman of “The Gartman Letter,” the move higher in gold could just be getting started.
The Dow Jones finished higher by triple digits on Monday after opening the session down by more than 115 points. The day’s volatility marked the fourth session this year in which the Dow was both up and down by triple digits in the same day. Gold prices held relatively steady throughout the session, maintaining gains as the equity markets turned positive.
“I think gold has turned for the better,” Gartman said on CNBC’s on Monday.
Gartman said his call is based less on a bet on sustained weakness in the U.S. dollar, and more on the commodity itself. “Clearly gold will do better if the dollar were to get a bit weaker in general terms,” he said, “but I much prefer being long of gold in non-U.S. dollar terms.”
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