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“Gartman said he is bullish on gold because of the breadth of its record run. While investors pay attention to gold in U.S. dollar terms, Gartman pointed out that it is making record highs against the Swiss franc, the euro, the British pound, the Japanese yen, the Canadian dollar, and the Chinese yuan, just to name a few.”
Gartman noted that he sees a similar environment to the 1970s, where gold rallied as the Federal Reserve was forced to raise interest rates to double digits to combat inflation.
“I think the environment we are in is, in some ways, a lot worse than the 1970s. There is so much more confusion and uncertainty in today’s conflicts that will continue to drive safe-haven demand to gold,” he said.
“That is a discouraging sign of saturation, but that is only one segment of the market,” he said.“I don’t see enough public participation in the gold market to say prices have peaked. The market will have peaked when the miners finally outperform gold prices.”