In his latest issue of The Gartman Letter, Dennis Gartman discusses the implication of China’s devaluation of the Renminbi and whether or not this is the beginning of a currency war. Gartman also shares his take on the gold, oil and coal markets.

First Shot Fired?

Gartman addresses concerns that China’s surprising decision to “quasi-float” the Renminbi by expressing his confidence that China is not “lunatic enough” to start a global currency war. “They know that in that event few if any are left as winners and many… indeed most… are left bereft and broken,” he explains.

Gartman sees this move by China as a response to the IMF, which has said that the Renminbi must be more freely floated before it can be considered a full-fledged reservable currency.

Gold

Gartman believes…

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