Dennis Gartman’s calls on gold haven’t exactly been prophetic of recent, but nonetheless everyone wants to know what he thinks on the precious metals.

According to Gartman, the gold market is telling us that deflation has ravaged base metals, the soft commodities and grains.

This is telling us, says Dennis, that depression is possible (possible? tell that to the auto industry) and even likely. Yes, deflation is the order of the day.

I.E. Dennis Gartman is not buying or positive on gold.

Well, there are others clamouring aboard the inflation train, telling us that pumping hundreds of billions of dollars into the banks, markets, and everywhere else they can fit it (note to Paulson: there is plenty of room in my pockets) that inflation will soon be running amok as soon as this deflationary unwinding of hedge fund money is overwith.

If you are undecided on whether we are likely to see inflation or deflation then perhaps you should check out the Casey Report which, this month, has an extensive discussion and even a small debate between two top economists; one calling for inflation and the other deflation.

They have an insanely cheap trial subscription to the Casey Report. Just click that link.