More Currency Hurt Coming says Gartman—Get Real Money—BUY GOLD

The fiat is in the process of total transformation... but it needs a place to land and Gold is the only unfettered option! So buy gold or a gold company.

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Gartman: EU Debt Plan to Hurt Currencies - Buy Gold in USD, GBP and EUR as “Is a Currency”

Gold has edged higher in all major currencies again today as concerns about the European debt crisis and the risk of contagion is leading to demand for gold for wealth preservation purposes.

The likelihood of the Eurozone sorting out their intractable problems has come into question again as bankers in Europe’s largest banks have clashed with politicians about the size of losses they will have to take on their Greek debt.

Another bullish factor is more dovish sounds from the Federal Reserve regarding driving down mortgage rates to support the housing sector and another round of quantitative easing which was suggested by William Dudley, president of the New York Federal Reserve Bank.

Gold in USD – 30 Days (Tick)

Physical demand out of Asia remains robust as seen in healthy premiums with gold premiums in Vietnam gold at a $28.07 premium over world gold of $1,642.65 and Shanghai gold closed at a premium of $12.89 to world gold of $1,652.25 (see LeMetropolecafe.com for Asian premiums).

Diwali is tomorrow and Indian demand has fallen somewhat but remains robust despite very significant demand in recent days and weeks.

Newsletter writer Dennis Gartman has done a swift about turn and is now adding to his gold position by buying the metal priced in dollars, pounds and euros, he wrote today in his daily Gartman Letter.

Only last Tuesday, Gartman wrote that the gold market is suffering "very real damage." His comments were picked up very widely making headlines in the financial media internationally. Gartman warned that he feared that the rally from September's lows is "now under assault."

Today, Gartman said in his newsletter that he was certain gold prices would break upwards sooner rather than later.

Gartman said that the EU debt plan would hurt currencies. Therefore, gold will rally as currencies fall.

"The authorities have no choice but to inflate their way out of the morass that they’ve found themselves falling into and that shall mean the diminution of currencies generally and the advancement of gold as the only currency not diminished", he said.

Gold in EUR – 30 Days (Tick)

"Gold is a currency; it has been for years and it shall be for years going forward. A move upward through EUR 1,200 for gold today or tomorrow or this week or next shall be impressive and important," he said in the newsletter.

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