Gold’s shining winning streak shows no signs of letting up, and one portfolio manager sees this as the perfect chance for investors to get into the commodity.
Chad Morganlander of Washington Crossing Advisors remains bullish on gold, with the portfolio manager stating that he expects to see the metal return 4 to 6 percent over the next year in the metal. He encourages investors to buy GLD , the ETF that tracks gold.
«We would actually invest in gold as opposed to the gold miners» in order to avoid adding «additional complexity» to the trade, Morganlander said Monday on CNBC’s «Power Lunch. » «We are quite optimistic and constructive on the yellow metal. »
GLD is up more than 7 percent year to date as gold continues its rally that began in late December.
Bill Baruch, chief market strategist at iiTrader, however, doesn’t believe that now is the time for investors to buy gold. While Baruch believes that gold has surged as a result of political uncertainty in the U. S. and abroad, but he does see some «headwind» up to $1,250, which gold last touched mid-November.
«I would like to see this thing pull back a little bit,» said Baruch. «I think $1,400 could be in the cards this year, but right now, I wouldn’t be a buyer. »
Gold continued its climb on Monday, reaching around $1,236 by midday. The yellow metal is currently up more than 7 percent so far this year, while silver and copper also continue to rally for a strong start to the year for the metals.
