From today's Gartman Letter...... (1-14)

"COMMODITY PRICES HAVE TRIED TO REBOUND A BIT following harrowing collapse of the previous day or two, and even the grain markets are trying to rebound a bit this morning, with the US$’s modest weakness being pointed to as the culprit. We’ll point to the severity of the recent decline as reason enough for a bounce, for “even dead cats bounce… a bit” as the old saying goes.

As for gold, we remain bullish, as we have for months… even years. We remain bullish in foreign currency terms, and we are comfortable remaining so, and so long as EUR 775 remains intact our bullish enthusiasm shall remain also. As we write, gold is trading €784.75. We suspect that unless something truly shocking were to happen later today that €775 is reasonably sacrosanct."