From today's Gartman Letter..... (10-6)

"Finally, we remain long of gold, but in terms of the British Pound Sterling primarily, as well as in terms of the EUR, but we should be now also in terms of the US dollar, and so we shall be. As we write, spot gold is trading £636.05 compared to £630.65 yesterday morning, as it is also trading €691.95 compared to €687.37, so our positions are more and more profitable with each passing day. However, by owning gold in foreign currency terms we’ve been able to hedge away our US dollar exposure, but in light of The Independent’s article noted at length above, and in light of the fact that our gold positions are nicely profitable and insulated from random market noise and in light of the fact that all good bull markets in gold are currency catholic rather than parochial, we can and we will buy gold in dollar terms this morning to add to our position. One unit shall suffice." (my bolding for emphasis) <g>