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Gold: Worst Is Over, Says Gartman

Talking Numbers

Dennis Gartman. Editor and Publisher, The Gartman Letter, says the worst is now over for gold. But, he's not a true believer just yet.

Gold has rallied almost 6% in just one week but, according to David Darst, Chief Investment Strategist at Morgan Stanley (and CNBC’s Jim Cramer’s old boss), buying gold is a bit like a leap of faith. Appearing on CNBC’s Squawk Box today, Darst says:

“Gold is like religion. You believe in religion or you don’t believe in religion. And that’s one of the things. Gold is down because three things that are up: interest rates are up, stocks are up, and the dollar is up.”

Yet gold is winning some notable converts.

Dennis Gartman. Editor and Publisher, The Gartman Letter, says that he’s not a born-again gold believer. “Gold is to me nothing more to me than another number that dances across the page,” says Gartman. “It’s nothing more than another currency.”

However, though he was short the yellow metal earlier, Gartman now thinks it has turned the corner.

“After a year and a half of relentless gold selling, earlier this week, I turned bullish for the first time in a long while” says Gartman. “I’m bullish of gold but I’m not a true believer.”

“I think that the worst is over,” says Gartman.

What year-end price target does Gartman have for gold now? And do the charts back him up?

Watch the rest of Gartman’s interview as well as a chart analysis by Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, by clicking the video above.

[Disclosures: Dennis Gartman is long gold futures in his personal account and is long gold futures in his fund in Canada.]

Also, watch our guest host Mandy Drury on CNBC’s Street Signs, 2:00pm Eastern Time.

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