Last Updated : 20 November 2012 at 23:15 IST
Gartman sees more central bank buying of Gold, favors Gold/Yen
Source :Commodity Online
Gartman favors holding gold against the yen since the party expected to win upcoming Japanese elections favors the Bank of Japan buying large sums of government debt securities.
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NEW YORK (Commodity Online): Investor and newsletter writer Dennis Gartman said that he looks for central-bank buying of gold to continue and currently favors holding gold in Japanese yen terms.
Central banks collectively sold between 400 and 750 metric tons of gold between 2002 and 2007, but the tide shifted and they have been "material net buyers" since 2010. This is not a trend likely to be reversed in the next several months, or we think in the next several years, Gartman added.
"Indeed, we look for the buying done in '11 to be surpassed this year, and for this year's buying to be surpassed again next year, with China likely leading the way," Gartman continued.
Gartman added to his long gold position last week by buying in Japanese yen terms. He also said that he favors holding gold against the yen since the party expected to win upcoming Japanese elections favors the Bank of Japan buying large sums of government debt securities.
In early New York trade, gold was up 185.39 yen to 141,162.05 yen.
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