Renowned independent investor Dennis Gartman has today (July 20) broken his neutral stance on Buying Gold, Reuters reports.
Mr. Gartman has developed a strong reputation as a trader, hedger and forecaster of future trends but previously described the yellow metal as expensive in comparison to agricultural commodities.
However, in his latest daily Gartman Letter, he explained that the current state of the dollar is a prime technical reason why investors should consider buying into Gold Bullion.
According to the news provider, he wrote: "Regarding gold, it has held, and as the US dollar weakens, gold is breaking out to the upside.
"We found ourselves becoming quietly supportive of gold from a technical and from a dollar-devaluation perspective."
Meanwhile, Choong Wai Hong, head of wealth management at Standard Chartered Bank Malaysia, has also sounded an optimistic note for the future of gold prices.
Speaking to the Malaysia Star last week, he noted that the bank has seen its customers double the amount of money they have put into gold over the past three months.
"As always, in times of uncertainty, gold remains a good investment hedge. Gold prices have been fluctuating within a narrow range and keeping [their] value," he told the news provider.
"Our short-term view is that [the] gold price will be range-bound and volatile while the mid-to-long term outlook remains bullish in view of the weaker US dollar and growing demand in commodities."
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