'Fast Money' Recap: Was Friday the Start of a Bull Rally in Gold?

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. 

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) . 

The conversation quickly turned to biotech stocks. The iShares Nasdaq Biotech ETF (IBB) and SPDR S&P Biotech ETF (XBI) have both done well in 2014, climbing 27% and 29%, respectively. However, the sector fell roughly 2% on Friday. 

The group seems to be overbought, according to Yaron Werner, managing director at Citigroup. Fundamental remain "very robust," earnings are climbing, and the product pipeline is strong, he said. The correction will likely come in early 2015 and his top picks are Gilead Sciences (GILD) , Celgene (CELG) and Tesaro (TSRO) . 

Amgen, Gilead and Celgene are Adami's top picks, in that order. Najarian likes Amgen the most, while Brown advised investors to avoid the sector until there is a larger pullback. 

All four members of the trading panel suggested taking profits in Amazon (AMZN) . Brown and Najarian are both buyers of Alibaba (BABA) on pullbacks.

For their final trades, Najarian is buying Apple (AAPL) and Brown is buying Twitter (TWTR) . Adami said to buy McDonald's (MCD) and Kelly is buying the Market Vectors Gold Miners ETF (GDX) . 

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