From today's Gartman Letter...... (10-7)

"Regarding gold, we remain bullish of it, now in British pound sterling terms, in EUR terms and even in US dollar terms. Gold’s rise is not a dollar phenomenon; it is an anticurrency phenomenon as “money” is flowing away from almost any and all currencies… save for non-US dollars of course… and is flowing into gold. As we write, gold is trading upward through the psychologically and technically important €700 level, having broken through there yesterday, Gold, at the moment, is trading €711.50 and it seems quite reasonable to assume that just as gold made new highs in US$ terms yesterday it shall do so… sooner rather than later… in EUR terms also.

The only thing that bothers us is this: the demands upon our time for interviews… television; radio; newspapers and magazines… regarding gold are reaching unprecedented levels. Historically when those demands reach levels such as this gold turns violently downward. The public’s and the media’s attention to things such as gold always reaches a fever pitch and then falters… or collapses. Thus, in our accounts here yesterday, as gold made its way above €710 and above £650 [Ed. Note: Gold is trading £655.00 as we write this paragraph at 04:45 EST] and above $1040 we wrote at-the-money calls against all of our position just to be a bit cautious. As the old trading aphorism goes: history may not repeat itself, but it does often rhyme."