From today's Gartman Letter...... (9-16)

"Gold is trading materially higher, and it is not only higher in terms of US dollars, it is higher in terms of nearly all currencies. We are long of gold in terms of EURS and Sterling and we are comfortably so. In retrospect we should not have reacted to the news of Barrick’s hedge lifting last week, but we had no choice. We did, however, leave half our long positions intact, and we are grateful for that. As we write gold is trading £616.75 compared to £600.40 yesterday, and it is trading €691.40 compared to €683.45. Thus, in terms of £, gold is up 2.7% higher, and in terms of the € it is 1.2% higher, while in US$ terms it is up 1.7% higher. In other words, we are enjoying the same percentage increase while “hedging” away US dollar risk.

Our target, in STLG terms, is for new highs eventually. The old highs, made earlier this year, were at or very near to £700, so it is not beyond the realm of reason to expect gold to trade to £745-£755. We’ll focus on that target and try to remain steadfastly bullish, so long as the trend remains intact. We see no reason, at the moment, to think it shall do otherwise."