Gold prices are hitting record highs as investors are selling currencies worldwide and buying into the precious metal, and that's not just the case with the U.S. dollar, says economist Dennis Gartman.
Gold prices have broken the $1,000 an ounce mark and continue climbing against the greenback.
More records are in store for the world's other major currencies.
“You're seeing gold prices rise not just in terms of dollars but gold prices are rising in terms of the sterling, it's rising in terms of the euro, it's rising in terms of the Chinese renminbi, and it's rising in terms of Indian rupees," Gartman told Bloomberg News.
“We haven't made new highs yet relative to sterling and nor have we made new highs relative to the euro, but we will.”
Investors are buying into gold not on inflation fears but on a general distrust about currencies, Gartman says.
Gold prices should continue to climb but, eventually, the rally will end, Gartman said.
"What bothers me is I'm getting more and more and more requests for interviews concerning gold and characteristically or historically, whenever that happens, it tends to be a short-term, interim top," Gartman says.
Others have echoed such sentiments.
Famed commodities investor Jim Rogers, has said he would not buy gold at current prices although he has said over the long term prices will continue to rise.
“Gold has hit a new high and I don't like to buy something at record prices unless there are extremely strong fundamental reasons,” Rogers said, according to Reuters.
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