Doug Kass has long been a bear on gold. In fact the founder of Seabreeze Partners Management engaged in a heated debate about gold with Euro Pacific Capital's Peter Schiff on the April 16 episode of "Futures Now," telling the ultrabullish Schiff that gold has "no intrinsic worth" and is "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: Kass and Schiff Feud About Gold)
But now, Kass has become one of those very buyers. And why not—after all, he believes that someone else will pay more for it in the future!
"There's a time and a place and a price for everything," Kass said on Thursday's episode of "Futures Now." For Kass, this is now the time to buy gold.
As Kass wrote earlier this week, "Negative sentiment in gold has become extreme." So for Kass, gold now "provides a contrarian's appeal."
Indeed, Kass sees bearishness everywhere he looks. "The sharp price drop in gold has brought on a growing short position," he wrote. And "Credit Suisse, JPMorgan and Goldman Sachs have recently slashed their gold price projections. I view this surrender as consistent with a possible contrarian signal."