Yesterday the price of gold soared to a monthly maximum of $ 1156 to a mark per ounce on concern the global economic slowdown and uncertainty about the Fed. Investors looking for safe assets, such as bonds and precious metals. But it is better not to buy gold for dollars, said renowned economist and commodity guru Dennis Gartman.

Rally gold quotes may be just beginning, said Hartmann, whose market is often referred to as "raw king" for having accurately predicted the cost of raw materials, and the year before predicted low oil prices and the bankruptcy of slate companies.

"This is the real strength of the gold market, when you look at it not in the US dollar terms," - said Hartmann on Thursday in an interview with CNBC, commenting on the recent price movements of precious metals.

While all attention is paid to the assessment of gold against the dollar, Hartmann points out what is happening on the other hand - "a huge difference". For example, the price of gold in terms of the euro and the yen is growing faster.

Calculated in euro gold has risen in price by 4.6% over the past two years and 6.7% over the past five years. Quotes of the precious metal in yen rose 4.8% in two years, and 26.4% within five years.

The price of gold in US dollars, which grew after the crisis in 2008-2011., But was unable to maintain his position in recent months. Now drop of 12% from its peak value at the end of January and is currently experiencing its worst quarterly decline since 1997

"It's phenomenal, an endless bear market since November, 2011 (historical peak value of gold)," - said Hartmann.

Since that time, the price of gold in dollars fell by almost 35%. "If you owned gold in dollar terms it was appallingly bad trade" - curled "raw king." Hartmann wonders: "Why did you buy gold in a currency that is strong, when you can replenish its reserves in a currency that is weaker?".

"The monetary authorities in Europe and Japan were far more dovish than hawkish Fed sentiment, and will continue to be a much more dovish", - predicts the commodity market gurus.

He believes that gold may provide a profit from the fact that the Federal Reserve (Fed) rate hike in doubt. "I'm neutral in gold in terms of dollars and in the" Long "other currencies", - said Hartmann