By Carole Vaporean
NEW YORK (Reuters) - The price of gold should continue its uptrend, but base metals prices have mostly topped out, said independent investment manager Dennis Gartman on Tuesday.
Speaking at the Reuters Investment Outlook Summit in New York, Gartman said he uses the price of gold as his main inflation gauge.
"What do I look at? If I'm only allowed to pick one, let me look at the price of gold," said Gartman, publisher of The Gartman Letter, a widely read investment advisory newsletter.
Gartman said he sees the uptrend of the last six years continuing because of "too rapid growth of the monetary aggregates in too many countries around the world."
While many gold bugs tend to take a perpetual doom-and-gloom view, Gartman said he does not share their view, but added, "I think gold is a really, really good mechanism for what inflationary concerns are."
Gartman does not tout gold as a must-have investment, but said the gold ETF, the exchange-traded fund that allows investors to participate in the gold run-up through a fund, is a great trading vehicle.
"Right now I'm modestly bullish of gold, I'd rather buy it than sell it, but am I going to be actively doing that? No."
He said he has had the same trade on for three years in which he holds a long gold and a short oil position. Continued...
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