Dennis Gartman spoke on CNBC Fast Money today predicting that Gold could hit $1,650 by the end of the year.

Gartman has long been an advocate of owning gold long term but not in terms of the US Dollar.

Gartman likes owning gold in terms of Euro, Sterling and Yen.

He was asked about the ongoing Greece crisis and his response was unless Greece has a resolution, stock prices will continue lower.

Gartman said that globally we have much lower PMI's, Purchasing Managers Index's

He was asked about Standard Chartered's prediction of Gold reaching $5,000 to which he said, $5,000 is absurd, $1650 foreseeble.

I'm not sure that we're going to have a global recession, he said, but clearly we're having a material slowdown in economic activity.

Considering the selloff in equities with the concerns in Greece, Gold is only up 7pts on the day, +.5%.

Read: Standard Chartered: Gold to Reach $5,000 Due to Supply Shortage

See below for the video from CNBC: