is in the midst of its longest losing streak since March, but one noted gold bug claims the selling could soon abate.
"I'm probably one of the few people that believe there are too many bears in the woods," metals strategist George Gero said Thursday on CNBC's "Futures Now." Gold closed Thursday's session at $1,172.20 an ounce, its lowest level since June 5, but despite the selloff, Gero insists the precious metal is oversold.
"Right now gold doesn't have too many friends because of a very good stock market," said Gero, of RBC Capital Markets. "Then of course in dollar terms, you've had a major change this year." Gold prices are down more than 1 percent year to date, while the U.S. dollar index and S&P 500 have risen a respective 5 percent and 2 percent over the same period.
But as the first half of the year comes to a close, Gero believes gold will flourish come year-end.
"I think all of [these headwinds] have been priced in and now we begin to see some inflation," he said. "Once Greece has been resolved, and that will be known shortly to the market, you'll probably start to see more money go into something that's liquid, portable and convertible," said Gero.
And even with the potential for weakness in the very near term, Gero maintains gold will end the year higher than it started. "Down the road, we are probably going to see a median price is somewhere around $1,230 to $1,250 for gold." That's up to 6.5 percent above current levels.