The Commerce Department on Wednesday reported that first quarter GDP contracted by 2.9%, the worst year-over-year quarterly reading since first quarter 2009. Gold prices, which already had been falling, regained some of those losses on the news. ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that a bad economic quarter does lend some support to gold, but says he remains more bullish on silver as industrial production picks up worldwide. Find out how high McGlone expects silver to rise and how much he expects the gold-to-silver ratio to shrink.

More from Video

10 Seconds To Genius: Facebook

10 Seconds To Genius: Facebook

NYSE's New President: On a Mission to Attract Talent to Wall St.

NYSE's New President: On a Mission to Attract Talent to Wall St.

Jim Cramer: Schlumberger Predicted the Rise in Oil Prices

Jim Cramer: Schlumberger Predicted the Rise in Oil Prices

Jim Cramer on Zillow's New Business: Buying and Selling Homes

Jim Cramer on Zillow's New Business: Buying and Selling Homes

Jim Cramer: Wabtec Deal Gives General Electric Optionality

Jim Cramer: Wabtec Deal Gives General Electric Optionality