Dennis Gartman: Gold to Hit New Highs?

Gold will likely hit new highs, said commodities trader Dennis Gartman while speaking on Tuesday's "Fast Money Halftime Report."

Gartman said there are concerns raised that the monetary authorities could be too aggressive in adding reserves and monetizing debt. The euro experienced pressure because of disregard for the bank stress tests throughout Europe. It bounced, but is heading down. Gold, therefore, has become the third largest reservable asset in the world behind the US dollar and euro.

*It's worth noting that during Fast at 5p Gartman returned to talk more about the gold trade and said expressly, "I'm not waxing terribly enthusiastic. I wouldn't throw caution to the wind and buy gold here."

In other words, he believes gold will go higher but also thinks there are better places to put money to work. (more)