Relax, It’s Not Time To Cash in Your Gold Yet Says Market Veteran

After hitting a 13-month high earlier in the month, gold prices saw more profit-taking pressure on the first trading day of spring. April Comex gold (GLD) - Get Report was last down $9.00 at $1,245.20 an ounce. Despite the pullback, Boris Schlossberg, managing director of FX strategy for BK Asset Management says he is still a 'big gold bull' this year. 'Gold is getting a huge benefit -- all across the world we are in a negative rate environment. The single biggest knock on gold was that it is an asset that is hard to own, but now it actually costs you money to own cash so gold is really getting a competitive bid because of that,' Schlossberg said in an interview with Kitco News on Monday. As for buying gold, Schlossberg says he is a 'huge believer' in buying on the pullbacks. 'Everyone thinks gold will come down below $1,200 but at these levels, [I think] $1,225 is as good as it will get.' He adds, 'When investors begin to see they get less money than they put in, they will flock to gold.' Schlossberg adds that buying gold priced in euro terms is a good bet.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.