unique to Volatility (^VIX) lately, Gold stands almost alone in terms of its conspicuous under-performance, and that suits Bill Baruch, market strategist at iiTrader just perfectly.
“Right now, this is an investor’s paradise for gold,” the Chicago-based trader says in the attached video. “We haven’t seen gold below $1500 since 2011, and right now we’re pressing the lows on the year and I think it’s a great buying opportunity.”
To be more precise, this precious metal and previous reserve currency is within 3% of its 52-week low of $1535, which leaves it about 13% below its 52-week high of $1800. While Baruch admits “the slow grind higher for stocks” has diminished a lot of the luster of gold, he also believes that’s a trend that can, and will, reverse quickly.
You can see the full “Breakout” interview below:
Related: SPDR Gold Trust (NYSEARCA:GLD), iPath S&P 500 VIX Short Term Futures TM ETN (NYSEARCA:VXX)