Wednesday, May 25, 2011

Dennis Gartman Says Gold Prefered Coin of Eurorealm During Debt Crisis

Although he says that the U.S. dollar and Swiss franc will benefit, Dennis Gartman says that gold is the currency of choice now that the Eurocrisis is flaring up again.
Gold is the preferred "coin of the realm" during Europe's sovereign-debt crisis as investors seek to protect themselves from a weakening euro, said Dennis Gartman, an economist and the editor of the Gartman Letter....

"Dollars are a reasonable alternative, and increasingly the Swiss franc is one also," Gartman wrote in his Suffolk, Virginia-based report today. "But the 'trump card' currency of choice is gold and in all likelihood it shall become even more readily embraced, not less so, in the days and weeks ahead as Europe's problems worsen.
Goldman, Sachs also reversed their bearish call on commodities and recommended buying gold.

The metal has gone up more slowly in Euros than in greenbacks, but it did hit a record in Euro and pound terms yesterday.

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