Stocks briefly gained, then slipped back, following Federal Reserve Chairman Ben Bernanke's speech on Monday. What's really happening in the markets?
Steve Grasso, director of institutional sales at Stuart Frankel and CNBC contributor, offered his insights.
"There was nothing in the [Fed] chairman's comments that made me feel as if the gold trade is over, or that the dollar has ended its decline," Grasso said.
"You can have these days where the gold market can sell off dramatically" without signalling the end of the gold bull.
"It's not only the big banks...the central banks" buying gold these days, Grasso explained.
"The retail investor is in the gold trade now; retail investors, funds, ETFs — you've got an underlying stability you've never had before."
"I still think equities are going to move higher; I still think gold is going to move higher."
Grasso's Recommendation:
"Stay long equities."
For Grasso's take on jobs and interest rates, watch the full interview.
- Watch Grasso's Previous CNBC Appearance (Dec. 2, 2009)
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CNBC Slideshows:
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More Market Points...
- Fed Will Keep Rates Near Zero Through 2010: Gross
- Gold's 'Money' Value is $4,000 to $11,000: Strategist
...And Counterpoints:
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CNBC Data Pages:
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CNBC's Companies in the News:
Bank of America
Citigroup
AIG
Chevron
Berkshire Hathaway
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Disclosures:
Disclosure information was not available for Grasso or his company.