NEW YORK (TheStreet) -- Famed investor Stanley Druckenmiller has a large position in the beaten-down ETF.
Just a few weeks ago we were reminded that nothing gold can stay when the precious metal fell to fresh five-year lows.
Shares of the SPDR Gold Trust (GLD), the market's largest physical gold ETF, declined to a 52-week low of $103.43 on July 24, the lowest it's been since the fourth quarter of 2009. Miners have also taken a hit. The Market Vectors Gold Miners ETF (GDX), whose top holdings include Goldcorp (GG), Newmont Mining (NEM) and Barrick Gold (ABX), is down more than 20% year to date.
But a big name on Wall Street is betting the other way.
Reputed investor Druckenmiller made a huge bet on GLD, according to a 13-F filing of his family holdings.
Shares of SPDR Gold Trust are currently up 0.29% to $107.16.
"Before the (currency) move from the Chinese government, you couldn't find anyone who could make a bullish case (for gold)," Dan Denbow, a portfolio manager at the $700 million USAA Precious Metals & Minerals Fund told Bloomberg.
But there could potentially be other bright spots when considering a gold play.
Here's what TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust, says: "The only gold stock I am recommending is Randgold (GOLD) because it has the lowest finding costs, the best African prospects, where the most gold is, and the best management in CEO Mark Bristow."