Why This Trader Is Shorting Gold Right Now

Veteran trader Todd 'Bubba' Horwitz said he's shorting gold right now, even as the metal rallied above $1,300 an ounce Wednesday.

Author:: Daniela Cambone
Publish date:: Nov 2, 2016 4:34 PM EDT

KITCO NEWS - Veteran trader Todd 'Bubba' Horwitz said he's shorting gold (GLD) - Get Report right now, even as the metal rallied above $1,300 an ounce Wednesday. 'I do believe gold is going to head lower after the Fed,' he told Kitco News Wednesday. However, Bubba remains bullish on the metals longer term, despite using a short-term shorting strategy with gold right now. 'We're going to see the last leg of the bear market then gold will be a great buy moving forward because I think we can start the new bull market as soon as we have this one last pullback here.' December Comex gold futures settled the day at $1,308.20, up more than 1.5% on the day.

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