When Yoni Jacobs' book "Gold Bubble: Profiting from Gold's Impending Collapse" was published in April 2012, gold was trading around $1,650 per ounce. Now gold is below $1,300. But Jacobs, the chief investment strategist at Chart Prophet Capital, doesn't think the gold plunge is over just yet.
"The long-term target is still $700, which sounded a lot more ridiculous a few years ago" Jacobs said on Tuesday's "Futures Now."
"If you look at the long-term chart, you'll see that we reached $800, around $700 in the late '70s, in the '80s bubble of gold. In the 2008 recession, gold bottomed right around $680, which is around $700. So there's a clearly defined trend line there," he said.