Gold priced in Euro terms has broken through any and all residual resistance that might have existed at €1,000 an ounce, explains newsletter writer and famed economist Dennis Gartman in his commentary.
A long-time advocate of gold priced in euro terms, Gartman explains that gold has traded to €1,025 in the course of the past 24 hours before slightly settling back down from that near panic buying to trade €1,022 an ounce.
Gartman said that with the dollar trading better relative to the euro and to the yen, and with gold in US dollars itself rising, gold in the other two currencies is far more impressive.
“We are long…and rather aggressively so at this point… of gold in both yen and EUR terms. Our patience has been rewarded and our enthusiasm for gold/yen and gold/EUR vindicated,” Gartman added.
Gartman also comments on the release of this afternoon’s Fed minutes, which he says will be reviewed with a fine-tooth comb.
“Let the English majors on the trading desks rush to the fore as they parse the language of the minutes looking for minutia. Given the changing make-up of the FOMC voting Rota, perhaps these minutes will be a bit less important than shall be the minutes of the next meeting,” Gartman concluded.
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