From today's Gartman Letter...... (9-24)

"Turning finally to gold, we remain bullish of gold, but as we have been we remain bullish of it in terms of the British pound sterling, or in terms of the EUR and soon perhaps too in terms of the Yen. We have been, and we are still, concerned that too much of the price of gold has been predicated upon a too-weak US dollar and that far too few holders of gold know how much exposure they have to a weak dollar rather than to rising gold. We have attempted to hedge out that dollar exposure by buying gold in Sterling or EUR terms, and that has served us well. We see absolutely no reason to change our thesis at this point.

As we write, gold is trading £622, and that is a new high for the move. Yesterday it was trading £619, so even as gold has weakened modestly relative to the US$ it has firmed relative to Sterling. We’ll take it."