From today's Gartman Letter...... (10-20)

"Regarding gold, we note simply that the trend is up, in all currency terms, and we remain bullish… and why should we not? We own gold now in terms of the British pound sterling, the EUR and the US dollar, and we should add to that position sooner rather than later by owning it too in terms of non-US dollars, as well as in terms of the Ruble, the Renminbi, and the Indian Rupee et al. We have nothing more we can add to the commentary on gold than what we’ve said countless times in the past. We’ll stand by what we’ve said previously and we shall remain long."

Open positions:

3. Long of One Unit of Gold in EUR term, One Unit in Sterling Terms and One Unit in US$ Terms: We bought gold August 5th, at or near €671 and we do not wish to see that level taken out on the downside. Given that the market is trading €710 this morning, up from €703 yesterday our position seems nicely insulated from random market noise… even with the weakness of the last two days.

Further, we own gold in Sterling term at or near £594 and this morning gold is trading £648.00 up from £644 yesterday, so we have a tidy lead here also. Finally, we added a third unit to our position, but this time in US dollar terms at or near $1018…and we’ve a nice lead there too, given that spot gold is trading $1062 this morning.