From today's Gartman Letter....... (8-11)

"COMMODITY PRICES ARE STABLE DESPITE THE STRONGER US$, and indeed even for those commodity prices that have fallen… such as gold in US dollar terms, which fell quite sharply yesterday and which remains quite weak this morning… the price changes in foreign currency terms is small indeed. We are long of gold, but we are long of gold in EUR terms, and yes gold is weaker this morning in EUR terms, but it is only very modestly so. In terms of US dollars gold is down $6.60/ounce, but in terms of EURs it is down only from €672 to €669.80."