Legendary blogger and investor Dennis Gartman has just turned bullish on gold. During an interview with the Hard Asset Investor Gartman explains why he has turned positive on gold.

Gartman believes global gold production will decline as major miners start to curtail production as they struggle to mine profitably. Secondly, he believes the major central banks will continue the policy of injecting reserves into the system which will be positive for gold.

Finally, Gartman cites backwardation in the gold futures market as an important indicator that world gold supplies are tight.