“We have rules that you never buy into historic highs and you never buy when there’s excitement—you get involved before and when it breaks out and that was earlier last week or this week,” Redler told CNBC.
Redler advised long-term gold investors to sell some today.
“And if you missed this move, I’d wait to see if gold pulls back to $1220 to $1225 and that’s where you get involved, if you’re not involved already,” he said.
In the meantime, Iuorio said there’s still room for investors to get into gold and doesn’t see prices falling in the near-term.
“Monday morning, when all the safety vehicles traded off, gold had every opportunity to trade lower, but it chose not to and people were still buying it,” he noted. “I think there are pools of money that are itching to get in.”
Iuorio added that silver might also be a good place for investors to consider.
“Over the last three months, silver is leading the pack and it crosses over from the precious metals to the industrial metals space too you can make more of an argument to buy silver,” he said. “So I think silver’s the good trade, not the catch up trade.”
SPDR Gold Trust
DB Double Gold Long
Redler’s Gold Leaders:
Gold COMEX (June)
- Watch Redler's Previous Appearance on CNBC (May 5, 2010)
- Watch Iuorio's Previous Appearance on CNBC (May 12, 2010)
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CNBC Data Pages:
No immediate information was available for Iuorio or Redler.