While the exchange-traded fund covering is outperforming the precious metal itself, McEwen Mining founder and chief owner Robert McEwen said Wednesday that he remains bullish on gold.

"I'm a long term believer in gold and I see it ultimately getting to $5,000 an ounce," McEwen said on CNBC's "Fast Money." "Anything short of that, I wouldn't be hedging."

McEwen, who owns 25 percent of his company and receives no salary, said that he expects gold to hit his price target of $5,000 in the next three to four years.

Read MoreGold just part of a 'waterproof' portfolio, pro says

McEwen is also the founder and former chairman and CEO of GoldCorp, now one of his competitors.

—By CNBC's Leanne Miller