Gold Is Becoming the ‘Preferred Coin of the Realm’ in Europe, Gartman Says

Gold has become the preferred “coin of the realm” during the European sovereign-debt crisis as investors seek to protect themselves from a weakening euro, Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter, said in his report today.

“Dollars are a reasonable alternative, and increasingly the Swiss franc is one also,” Gartman said. “But the ‘trump card’ currency of choice is gold and in all likelihood it shall become even more readily embraced, not less so in the days and weeks ahead as Europe’s problems worsen.”

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net