Friday, February 28, 2014

Gartman on new the new Gartman Gold ETFs

I look at gold as nothing more than another currency. In the foreign exchange market, people trade sterling against the euro; they trade euro against the yen; they trade yen against the Canadian dollar; they trade the Canadian dollar against the US dollar; they trade the US dollar against the Aussie dollar; they trade the Aussie dollar against the Mexican peso; you trade the peso against the ruble.

Foreign currency traders, foreign currency dealers, and foreign currency investors are always looking at currency crosses. I'm not a "Gold Bug." I just think that gold is nothing more than another currency. It is no better nor any worse than is the dollar, than is the ruble, than is the renminbi, than is the euro, than is the yen. 

And as a currency, it can be and should be seen in relative terms against other currencies. With these ETFs, you can trade gold against yen; gold against euros; gold against pounds; and gold against a basket of different currencies.