Is gold a valuable asset or a shiny relic from the past? That question reflects not just different opinions about a particular investment but a fundamental conflict in financial views.
Schiff, CEO of Euro Pacific Capital, is a well-known lover of gold—and its horrific plunge on Monday didn't change his mind one bit. Instead, he viewed it as a buying opportunity.
(Read More: Gold Settles Up After Prior-Session Plunge)
"I've been buying gold for about 12 years now," Schiff said. "I always buy more when the price is declining, because I'm confident that the price is going to continue to rise."
So what will drive it higher?
"These paper currencies are losing value, and people are going to look for a store of value," Schiff said. To him, that store of value will be gold.
But Kass, with Seabreeze Partners Management, finds deep flaws with Schiff's argument. To Kass, gold stores not value but belief.
"To me, the gold market is just a state of mind," Kass said. "Gold is basically purchased by buyers in the hope that someone else—who knows that gold will forever be unproductive—will pay more for it in the future."
(Read More: Why Some Gold Bugs Are Still Hanging On)
At least in the short term, Kass seems to have the upper hand in the argument. After all, gold futures have plunged 13 percent over two sessions. But Kass said it could get worse.
"My problem with gold is that it's gone from $1,800 to $1,370," he said. The next stop remains unclear, he added, because "I cannot establish an intrinsic value worth of gold."
Schiff, on the other hand, said he considers that a blip in gold's long-term bull run.
"I think gold is going to go higher than $5,000," Schiff said. "And you think gold is falling quickly now—wait till you see how fast it rises."
Read on for Mark Fisher: Gold Bulls Should Love This
—By CNBC's Alex Rosenberg
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