"To make big money in this market, you have to see the cycles. Nothing changes. We've had three big cycles in gold since 2000 and we're about to have another one," Tucker told Kitco News.
Tucker said that the next cycle peak could reach $1,900 an ounce, but that won't happen next year.
"We're calling for $1,500 next year, that's a 22% increase in the price of gold, it'll be one of the best performing markets in a very, very volatile year for equities," he said.
On sentiment, Tucker said that low investor interest in gold could be good, as it signals that gold is not at overvalued levels like bitcoin and cannabis stocks were.
"You've seen things blow up. The cannabis bubble has popped and the stocks are declining. Cannabis business is ok, but the stocks are going down. The bitcoin bubble has definitely popped, we called that last year, it's down 70% this year," he said.
Overvalued sectors have been driven by dogma, or the belief that things should be a certain way, which is not the case for gold, Tucker noted.
"For gold, there's no dogma. Everyone knows something could go wrong, it already has gone wrong, people are really negative, and basically no one owns gold. The field is very thin," he said.
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.