From today's Gartman Letter...... (10-14)

"As for gold, we remain long of gold in Sterling terms, in EUR terms and in US dollar terms. As we have long said, the great bull markets in gold are currency agnostic; that is, the great bull markets in gold see gold rise in terms of any and all currencies. This is one such bull market. Investors around the world are increasingly disdainful of currencies and are increasingly enamoured of gold, and why not? Government… especially intrusive, left-of-centre government… always puts into place policies that diminish the value of their currencies, thus increasing the “value” of gold. We are not Gold Bugs here at TGL, but we are sufficiently dismayed by government actions… especially those of the Obama Administration… to accept the thesis most often promoted by the Bugs that “Gold is a store of value.” IT is that, and really very little more, but for now, that is sufficient to keep us long."