Trader Dennis Gartman says the key S&P Index will stop trading in lockstep with the euro and outperform gold next year.

“I expect equities will outperform gold without any question,” Gartman tells CNBC. “And I think U.S. equities will outperform the rest of the world.”

The key, Gartman says, is that the new ECB borrowing window “kicks the can down the road considerably.”
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"I applaud them for doing it. Does it solve the problem? No. But it buys time. It's a back door bazooka" which should cause decoupling.

(Getty Images photo)

When that happens, Gartman expects U.S. equities to rally simply due to strong fundamentals.

“When I look at the relative yield of equities versus the 10-year bond – it’s at historically wide levels," says Gartman. "Cash balances on balance sheets remains considerable. And America’s has improved its corporate structure. I think all that is very impressive.”

Fox Business Network reports that BNP Paribas has cut its forecasts for gold prices in 2012 and 2013, saying the precious metal could be vulnerable to further episodes of price correction due to uncertainty in global markets.

BNP expects gold to average $1,775 per ounce in 2012 and $2,150 per ounce in 2013, compared with its previous view of $2,025 and $2,280, respectively.

The price cut notwithstanding, BNP expects it to reach new highs in 2012 and 2013.