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Is the Pullback in Gold a Buying Opportunity?

Is the gold rally running out of steam? The metal hit a new record early in Tuesday's session - only to plunge more than 90 dollars from its peak.

What’s the trade?

Trader Stephen Weiss just can’t get on board. “Every time gold pulls back it’s been a buying opportunity but I just can’t pull the trigger at these levels,” he says. “I think the trade is crowded and when it breaks it will probably break hard.”

Mike Khouw tells us that he doesn’t like buying commodities that are up so much and then have a big reversal like what we had on Tuesday.

Tim Seymour takes another tack. “If we’re getting something from Bernanke on Friday gold should be rallying and it’s not. “

Perhaps it’s a tell.

Hear more from George Gero of RBC. Watch the video now!






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Trader disclosure: On Aug 23rd 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (BAC); Finerman owns (BAC) ; Finerman owns (AAPL) ; Finerman owns (MSFT) ; Finerman owns (JPM) ; Finerman owns (FS); Finerman owns (FL)
; Terranova owns (VRTS) ; Terranova owns (CAT) ; Terranova owns (OXY); Terranova owns (CVI) ; Terranova owns (DAR) ; Terranova owns (AXP) ; Terranova owns (EMC) ; Terranova owns (ORCL) ; Terranova owns (WFM) ; Terranova owns (AMZN) ; Terranova owns (JPM) ; Terranova owns (FCX) ; Terranova owns (WFC) ; Terranova owns (AAPL) ; Terranova owns (IBM) ; Terranova owns (XOM); Kelly owns (JJC) ; Kelly owns (SLV) ; Kelly owns Euro; Weiss owns (JPM) ; Weiss owns (BTU) ; Weiss owns (NIHD) ; Weiss owns (UGL) ; Weiss owns (COP) ; Weiss owns (DVN) ; Weiss owns (QCOM) ; Weiss owns (NS) ; Weiss owns (ETP) ; Weiss owns (EUO)

For Mike Khouw:
**No disclosures

For Doug Kass
Kass owns (GLD)

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