From today's Gartman Letter..... (8-5)

"Regarding the precious metals, all are very strong and this rather obviously reflects the US dollar’s weakness. But perhaps equally important is the fact that gold has broken out to the upside in terms of EURs, and in terms of Yen, and in terms of the Indian Rupee, et al. Yesterday we brought to everyone attention the fact that gold in EUR terms had found strong support at or near €650. It is this morning trading €670, and is breaking out to the upside from the rather well defined and very large “triangle” on the charts that has been developing since early February.

To that end, note the chart this page of gold in Indian Rupees/ounce. Like that vs. the EUR, gold has been consolidating its gains, but now appears to be breaking to the upside in Rupee terms. More importantly, we could draw up charts of gold in almost any major currency and the charts would tell the same story: gold is strong and the currency in question is weak. We are to be buyers then of gold, but not in terms of US dollars, but in terms of other currencies, save for the Canadian, Aussie and New Zealand dollars. Buying gold in EUR terms and buying gold in terms of Yen makes sense to us, and the market is telling us we are right. Further, the crowds are not there as they are in gold prices in US dollar terms."