Gold going to $5,000 per ounce: Mining executive

Miners' time to shine?
Miners' time to shine?   

While the exchange-traded fund covering gold miners is outperforming the precious metal itself, McEwen Mining founder and chief owner Robert McEwen said Wednesday that he remains bullish on gold.

"I'm a long term believer in gold and I see it ultimately getting to $5,000 an ounce," McEwen said on CNBC's "Fast Money." "Anything short of that, I wouldn't be hedging."

McEwen, who owns 25 percent of his company and receives no salary, said that he expects gold to hit his price target of $5,000 in the next three to four years.

Read MoreGold just part of a 'waterproof' portfolio, pro says

McEwen is also the founder and former chairman and CEO of GoldCorp, now one of his competitors.

Going for the gold? Consider gold miners instead
Going for the gold? Consider gold miners instead   

By CNBC's Leanne Miller