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Something has changed in the gold trade: Gartman

Stocks' pain has turned into gold's gain.

Gold prices soared to a one-month high Thursday as fears of a global slowdown have investors seeking so-called safe haven assets like bonds and bullion. And according to Dennis Gartman, often referred to as the "commodities king," the rally in gold could just be starting.

"There's a real strength in the gold market when you look at it in non-U.S. dollar terms," the publisher of The Gartman Letter said Thursday in an interview with CNBC's "Futures Now." "The difference is enormous."

While everyone focuses on gold's move relative to the dollar, Gartman says the real...