From today's Gartman letter...... (11-17)

"Gold… as well as most other metals, both base and precious… has run on to new highs and we remain bullish of gold, as we have with official long positions since early in August. Knowing that being long of gold in US dollar terms has an implicit net short US dollar position incumbent in it, and knowing to that the “boat” on the short side of the dollar is heavily listing to one side, we’ve attempted to hedge out that dollar risk by pricing our gold in Sterling, EUR and Yen terms. We are more than merely comfortable in that fact, we are confident that the trade is consistent with the notion that gold is and has been a “hedge” against currencies generally, not just the dollar primarily.
To prove our point, we’ve a chart this morning in the lead position at the bottom left of p.1 of gold priced in the Saudi Riyal. The trend is clear. It IS from the lower left to the upper right; each high is higher and each low is definitively higher also. But it would matter not whether we had this chart included today, or a chart of gold in Canadian dollars, or in Russian rubles, or in Mexican Pesos or Brazilian reals, for the trend would be very similar: from the lower left to the upper right.

The question asked of us always is the same: How far will gold prices rally and when shall the trend stop? Our answer is always the same: The trend shall continue until it stops, for there is nothing wiser that we can say other than this, and so long as the upward sloping trend lines are not broken we’ve no choice but to err as bulls of gold. Certainly we would like to say something more insightful, more cogent, more keenly fundamentally driven than that, but in reality this is as keenly insightful as we need to be, for neither we nor anyone else knows where the top is. Today, however, is “Turnaround Tuesday,” and some modest correction is inevitable."