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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.
McEwen is also the founder and former chairman and CEO of GoldCorp, now one of his competitors.
—By CNBC's Leanne Miller