if the world gets better, i'm going to make a lot of money in commodities because of the shortages. if it doesn't get better, then governments will print money and whenever governments have printed money, the way to protect yourself is to own real assets. that was jim rogers on yesterday's show.

last night -- is he right? joining us now with his take, dennis gartman, fast money contributor. also editor of the world renowned gartman letter. dennis, always good to see you. always good to be seen. it makes me happy when you say that, dennis. dennis, do you agree that no matter what the scenario is next year in terms of the economy, the world economy, that ag is a winning trade? i think ag will be a winning trade next year. it's hard to argue with what jimmy had to say. i thing agricultural markets look very strong. i'm with ron on this. i think this will be the decade of america coming up. no question. thank you. absolutely, ron. i think you are spot on on that. and when you look at how all of the commodity markets and the equities market, especially here in the united states is shaping up, all of the bad news has been accepted very, very well. i think you'll see stronger economic environments. that means stronger demand for commodities and especially when you look at the grain markets, this past week we moved higher. left a gap on monday morning on weather out of south america. but demand is picking up. if we could just see the term structure of the futures markets if we could just see the meal market go to backardation, you can see prices get very strong. dennis, let me ask you about jim's two contentions. he's always saying there's going to be a shortage of something. and that happens every once in a while. or, two, central banks are going to print money. they are printing money in a deflationary condition. it doesn't guarantee it will work under every circumstance. too many people have been pleading for the gold market to go higher. i'm going to start getting bullish on gold here in the not too distant future. but too many people have been pleading for the but too many people have been pleading for the gold market to go higher predicated on expansi expansi expansion. you have the fiscal authorities becoming extremely auster, cutting budgets everywhere while the monetary authorities are trying to expand. and until you start to put that money to work and it doesn't seem to want to go to work yet, you'll not get inflation. hence the reason it broke $200 to 1525 at one time today. we gave you a lot of praise and you came on the show when you are selling out of your personal position in gold at a very good time actually. when you say not too distant future, you would get long it, what does that mean pricewise as opposed to timewise? you have to be impressed by what both gold and silver did today. i mean, for a while there, it looked like armageddon was breaking out in the gold and silver market. yet they held in the gold market it held right at what i call the bottom of the box. the 50 to 62% retracement. it just took out the bottom by the bearest amount and both gold and silver closed firmly this afternoon. you have to be impressed by that. and the first thing good traders learn is watch price action. and the price action today was clearly no longer overtly bearish. maybe mr. paulson has seen the worst of his selling. dennis, i have a question. i want to go back to ags for a second. you talk about corn. you are right about the argentina trade. there's a doubt there. and wheat and soybeans particularly have been very, very flat this year. i was wondering, what do you see as the catalyst that will propel those commodities higher in 2012? i think it's going to be demand. i think you'll be surprised by the demand that comes from consumers here in the u.s. and i think you'll be surprised by the amount of demand for livestock that is going to be coming from overseas. we've really priced in a horrible decline. an amazing decline in the number of livestock on feed. that's already in the market. if we pick up livestock numbers even marginally, demand will pick up dramatically. watch the meal market. i tell everybody over the last 30 years, watch what goes on in soybean meal. not enough people watch that. if the meal market starts to turn around and if the meal starts to become backardated you can see the soybean market and the grain market go higher. and all i know is having lived in chicago a long time, when beans get strong, chicago gets happy. and dennis, i am going to say that you are dodging my question because you still didn't give me a price level at which you'd be interested in getting long gold again. this morning's lows at 1525 are not going to be taken out. from here on, any weakness -- you take gold down $15 tonight and i may start nibbling. good answer. thanks, dennis. see you next week. see you next week. next trade here as 2011