Gold recently tumbled to five-year lows. But according to one strategist, the precious metal isn't going to stay down for long.
"With all the bears in the woods, everybody [being] bearish is probably the most enticing reason to start to pick at the market," George Gero said Tuesday on CNBC's "Futures Now."
Gero, a precious metals strategist at RBC Capital Markets, said Monday's 2.2 percent selloff in gold was sparked by one large trade, rather than any sea change in the fundamentals.
"Somebody had to make the decision to be out of the market with that size trade, which distorted the markets," he said. "We will be going back in the next few months to basics."
Gero has a price target of $1,230 on gold by the end of the year, which he shares with survey participants from the International Precious Metals Institute. Along with the average price target, the 660 delegates sampled also on average saw a bottom of $1,080.