Gold is the currency of the world at the moment

Dennis Gartman was back at it again singing the praises of gold in his latest edition of The Gartman Letter.

“Gold is the currency of the world at the moment, with the world convinced that the monetary and fiscal authorities are likely to do nothing right and everything wrong when it comes to resolving the world’s current fiscal problems,” Gartman wrote this morning.

A long-time commodities investor and market pundit, Gartman has made several bullish calls on gold this year.  He has been most positive on gold denominated in currencies other than the U.S. dollar, which has been a particularly prescient call.  The yellow metal has surged to new all-time record highs not only in dollars, but also in pounds, yen, euros, and most of the world’s other fiat currencies.

As for the broader equity markets, Gartman stated in a CNBC interview on Friday that “We are in an unmitigated bear market…It’s true that there’s an unmitigated diminution of assets almost everywhere.”

He went on to say that “The rally that we had last week took place on very low volume.”

Looking ahead, Gartman contended that “There’s further to go on the downside and there’s still a deal of fluff left in the market that has to be taken out.”