Gold will see renewed strength as a safe haven asset following the next December rate hike from the Federal Reserve, said Bill Baruch, president of Blue Line Futures.

"I do like gold in the second half of November. Every year I find that to be a very great seasonal trade heading into January," Baruch told Kitco News.

On palladium, Baruch said that new regulations in the U.S. may create more demand for catalytic converters in automobiles, which is bullish for the metal.

"You may have to see through a bit of pain the first quarter of next year, if the global market has a bit of uncertainty, but I think if you manage your risks to the downside, palladium, building up a position in the first quarter of next year, is going to be a tremendous gain throughout 2019," he said.

This article was written by a staff member of TheStreet.