I was catching up on some interviews Al Korelin did the other day, and he was asking Dennis Gartman about the recent trip President Bush made to Saudi Arabia. Dennis had a number of things to say on the trip and none of them were good.

First off, Bush makes the U.S. look weak when going, hat in hand, begging to the Saudi’s. They support our enemies in a number of ways and are our #3 supplier of Oil. Bush could have gone to the Canadians, our #1 supplier and been more positively received. Saudi Arabia gave Bush a cold “no” and weakened further our stance in the eyes of the world. This is not U.S. Dollar positive to look weak either.

Why did Bush do it? Maybe time will tell, but for now it just looks like a poor policy decision possibly intended to look good in the eyes of the voting American. Who thought the Saudis would respond favorably? They have already stated in recent weeks that there is no need for an increase in production and that the king wants to leave oil in the ground for future generations.

The U.S. Dollar has had enough trouble trying to stage a minor comeback, this failed presidential visit to Saudi Arabia can only hurt.

Translation: Buy gold (silver too).

Interestingly enough, Gartman is also bullish on equities. I personally don’t share that sentiment, at least not until another downdraft takes us to lower levels. Several analysts I follow feel there might be a better buying opportunity mid-summer.

What else is Dennis Gartman bullish on? Well, gold is back in favor with Dennis - after only a short hiatus, as is copper. Copper just doesn’t want to go down even though the news every day would make you think the future was not too bright for this commodity.

If you want to know what trends to follow and profit from, might I suggest you subscribe to The Trend Letter?