NEW YORK (TheStreet) -- Gold has had trouble gaining upside traction in the past month, but the yellow metal jumped 2.3% on Friday. The Swiss National Bank may be forced to hold 20% of its assets in gold, a policy which is being voted for on Nov. 30.
This pending vote will likely put a "floor" in gold prices, Brian Kelly, founder of Brian Kelly Capital, said on CNBC's "Fast Money" TV show. If the vote is passed, this could certainly push prices higher.
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Not so fast, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Even if the vote passes, the buying would take place over the next five years, meaning it wouldn't have a significant impact on gold prices.
The commodity seems to be in a bear market rally, he explained. The gold rally will likely fizzle out within a few weeks and go on to make lower lows.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, agreed with Brown that gold is simply in a bear market rally. "I don't see this pop being sustained," he added.
Guy Adami, managing director of stockmonster.com, said the Swiss vote could be good for gold prices, but the affect may indeed be small. Investors should stick with either gold miners or physical gold, and avoid gold-based ETFs, like the SPDR Gold Trust ETF (GLD) .