Was James Buchanan Gay?

The latest cover of Newsweek shows President Obama with a rainbow halo declaring him ‘The First Gay President' but some people is saying that James Buchanan was actually the first gay president.
Is that right? I heard the rumor that James Buchanan had a crush on one of his friends and that he even wrote letters expressing his love.
Was James Buchanan really gay or is it all made up by the media because they don't like Obama?

Well, apparently the general consensus is that James Buchanan was a gay president.
Rumours about James Buchanan being gay have circulated with historians determining that the fifteenth leader of the U.S was in fact gay.
They got their facts from his personal diary and from letter they found that were directed to another man.
Some people say that the country knew about James Buchanan being gay but times weren't so simple back then so he never confessed.