Dennis Gartman, founder and editor of The Gartman Letter, said on Wednesday that among the winners from the U.S. election would be copper, steel, coal and gold when it comes to the commodities market.

“I think the world was not prepared for Mr. Trump to win this. So money is fleeing to safer havens — it’s going to gold, it’s going to the Japanese yen,” Gartman told CNBC’s “Squawk Box.”

While gold futures were up 2.3 percent in early trading, the U.S. dollar fell 0.6 percent against a basket of currencies on Wednesday. After Donald Trump clinched a surprise victory in the U.S. presidential election, the precious metal spiked overnight as stock futures tumbled.

The strength in the dollar, in which many commodity futures are priced, would affect them. Expecting the bullion to hit $1400 per ounce by year-end, and $1450 by the end of 2017, Capital Economics revised up its forecast on bullion in a research note to clients.

“I think that we’re going to see the dollar become a good deal stronger because of this. I do think that Mr. Trump tends to be somewhat of a trade protectionist. Who’s going to be hurt by that? It’s going to be the Europeans. It’s going to be Germany, that depends so much upon trade exports,” Gartman said.

He was “fearful” of the movement toward trade tariffs, Gartman earlier told CNBC he had voted for Trump.

“I think the benefit goes to the gold market because of uncertainty. I think that’s going to happen rather consistently,” Gartman said.

Including “thousands of new jobs in construction, steel manufacturing and other sectors to build the transportation, water, telecommunications and energy infrastructure,” Trump ran on a platform of investing in new infrastructure. Gartman said that could benefit metals like steel and copper, considered an economic bellwether because of its broad industrial applications.

“The new president is going to be far more expansionary when it comes to energy,” Gartman said. “That’s going to be helpful to the suppliers of the production of crude. It’s going to be detrimental to the crude’s price itself.”

President-elect Trump’s energy plan focused on expanding U.S. oil, gas and coal production during his campaign. Largely fueled by growing U.S. output, that has caused a two-year oil price downturn, that effort comes as the world is still working through a global glut of crude.

As power plants shift to cleaner, cheaper natural gas, U.S. coal consumption has been declining for years. The retirement of some coal-fired units has been hastened by clean air regulations enacted by President Barrack Obama.

“The coal industry itself has been resurrecting on its own, and it’s going to do far better. Coal mines will be reopened. New coal production will come on stream. Natural gas … we will be drilling, drilling, drilling for more,” Gartman said.

(Adapted from CNBC)