Thought about owning gold lately? Its latest gyrations may well have left you queasy.
But Rebecca Patterson, chief investment officer at Bessemer Trust, says recent weakness in the yellow metal is creating a great buying opportunity.
"Gold, you only make money if the price goes up. There is no yield on this asset," she said. "When U.S. yields are very low, people say, well, gosh, the opportunity cost of owning gold is very low."
The thing is, when Fed Chairman Ben Bernanke announced the latest extension of quantitative easing, investors expecting the move to boost economic growth sent interest rates spiking higher — and the
That doesn't phase Patterson. "I think this is way overdone, frankly," she told CNBC's Melissa Lee. "I don't think yields will rise out of their recent range any time soon. I think the low for long camp is alive and well, and I am still a buyer for gold" right around current levels.