From today's Gartman Letter..... (8-6)

"We are long of gold in EUR and Yen terms, and we are comfortable in that position; that is we are long of gold and we are short of EURs and Yen in equal US dollar terms. As we write, gold in EUR terms is trading €669.55 compared to €670.70 yesterday. We have constituted this position in this manner because we wish to be long of gold but we wish not to be exposed to the US dollar for it seems that the world is short of US dollars, with the trade so massively over-extended that a short covering US dollar rally of some consequence could and should eventually develop. Were that to happen, gold of course would fall; however gold in EUR terms could well rise as the EUR falls faster than gold in dollar terms falls."