From today's Gartman Letter...... (9-28)

"Regarding gold, again we wish to reiterate that we are bullish of gold, but we are bullish of gold only in terms of the British pound sterling and in terms of the EUR; we’ve no position in gold in US$ terms, nor do we wish any at the omoment. We reserve the right to become bullish of gold in dollar terms again shortly, and may in fact do so should spot gold falter toward $977-982 later this week; but at the moment we are ambivalent. Certainly, however, with spot gold trading £623 compared to £622 on Friday when we marked prices to the market, we are far more comfortable than are the gold/dollar bulls. We have hedged out the seemingly inherent dollar exposure to gold and we are fortunate to have done so. There is really not much more that one can say than that, and so we won’t."