"The confidence in the economy that we have right now is a function of the fact that the liquidity in the market [has] driven markets. But liquidity is not—repeat, not—a substitute for solvency."
(Read more: As funds get massively short, gold could spike)
Rule said he expected gold to see another selloff before heading higher within the next two years.
"I think what the market needs to turn around is capitulation selling," he said. "The bottom of the last four bear markets in commodities has been marked by absolute capitulation selling."
Rule also said he was bullish on platinum and palladium, "which have all of the precious metals attributes going for them but also have [a] supply/demand crunch that's beginning to form."
(Read more: Here's what was behind gold's wacky jobs reaction)
"I'm also attracted to the uranium space, where the price of the metal is about half what it costs to produce," he added. "And my pick, pick, pick of the decade, certainly living out here in California, is water, a very underappreciated resource."
The bear case for gold
OptionMonster's Pete Najarian wasn't a buyer.
"I look at gold right now, and it's been in a storm that should have attracted folks toward gold. It didn't," he said. "And going into 2014, as the economy improves and as people start to gain more confidence, I really don't see gold being a factor that's going to the upside."