Didn't take Gartman long to realize he sold his 2 gold contracts prematurely last week, this though is a fast turn around for a trader like Dennis Gartman so his info must be very bullish, this should bode very well for ECU finally breaking out significantly higher as maybe the traders today traded themselves out of ECU like Gartman out of some gold last week: 

Moving on to the precious metals, we remain long of gold,

but less long than we were. We had hoped to be a buyer

of gold, replacing that which we had sold last week,

$2-3/oz higher than where we had sold it this morning.

Indeed, before leaving our office last evening, it looked

quite like we would be able to do exactly that; however,

up arising this morning that was no longer possible, for

gold had risen smartly through $600/oz and was trading

to $607 for a moment or two. At least we had not sold our

entire position, relying upon our old trading aphorism that

in a bull market one can hold but one of three positions:

Very long; modestly long, or neutral. We were very long.

We've become modestly long, and we've no choice but to

try to buy weakness as it presents itself back toward

$598-601 today or perhaps to morrow to replace that

which we sold last week.

The impetus for gold's sharp rise? The fact that gold has

become the third reservable currency in the world,

following the US dollar and the EUR. In a world of

economic and political confusion, gold reigns... if not

That is gold's driving force. It may be a "barbarous relic,"

according to Lord Keynes, but for the moment it is pretty

relic, and a demanded relic and that is all that matters.