The drop in gold prices could mean an opportunity for bulls, according to commodity trader Mark Fisher. For those who are long-term believers in gold, this drop in price will give investors a chance to buy a significant position at much cheaper prices.
By: Bruno J. Navarro
Monday, 15 Apr 2013
The drop in gold prices could mean an opportunity for bulls, commodities trader Mark Fisher of MBF Clearing said Monday.
"If you're a long-term believer in gold, then you should love this, what's going on, because it's going to give you a chance to buy a significant position at a much cheaper price if you're in gold for the long term," he said.
On CNBC's "Fast Money," he also said that WTI crude would likely not drop more than $2 or $3 per barrel.
WTI crude traded down $2.52 midday at $88.76 per barrel.
Meanwhile, gold's price declined below $1,400 per ounce.
While not taking a stance on the gold trade, Fisher continued to call it positive for bulls.
"If you're a long-term believer in gold, you should like this because this is giving you a chance to buy insurance, anxiety insurance, currency insurance, whatever you want to do, at a cheaper price than you ever thought you'd be able to do it at," he said. "I'm not advocating that one way or another; that's just the reality of it.
"If you're a short-term speculator, good luck."
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