From today's Gartman Letter...... (1-15)

"As for gold, we remain bullish of it, but in terms of foreign currencies rather than in terms of the US dollar. This is a posture we have held for months, and the market has proven the merit of our thesis over those months. Given that the Yen is so strong relative to the EUR, perhaps we should focus greater attention upon gold in EUR terms rather than equally in terms of EURS, Sterling and Yen, but that is a question of fine tuning our positions rather than a question of the catholic properness of those positions. For now, we’ll sit tight. We know of nothing else we can do."