Continued quantitative easing will be supportive of gold, Francisco Blanch of Bank of America Merrill Lynch Global Research said Thursday.
"The bounce in gold overnight kind of shows that if we have a bad equity market movement, whether it's Japan or somewhere else, investors are going to get back to gold," he said. "I think that's the main point that we've learned over the last 24 hours."
On CNBC's "Fast Money," Blanch said that his bullish view of gold depends on what the Federal Reserve does.
"I think this market is very fickle," he said. "It's very QE-dependent."
Blanch also said that he expected demand for crude oil to decline.
"The global economy is slowing down," he said, particularly in emerging markets. "Broadly, energy markets are experiencing some downside pressures. I'm a little bit concerned in more downside risk in oil I don't think that's going to change until we have a catalyst that gets economic activity ramping up in the emerging world, and right now there doesn't seem to be any."
Trader disclosure: On May 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long AAMRQ; Steve Weiss is long UAL; Steve Weiss is long AIG; Steve Weiss is long HIG; Dan Nathan is long VIX JUN 16/20 CALL SPREAD; Dan Nathan is short IWM; Dan Nathan is long CAT JUN 87.5/80 PUT SPREAD; Dan Nathan is long IBM JUN 205/295/285 PUT FLY; Dan Nathan is long JNJ JUN 87.5 PUTS; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long WMT; Anthony Scaramucci is long GOOG; Josh Brown is long VAW; Josh Brown is long F; Josh Brown is long IEO;
For Francisco Blanch
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For Craig Johnson
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