Gold is down 5 percent so far this year. But last Friday, a public filing showed that noted investor Stanley Druckenmiller of Duquesne Capital had taken a large stake in gold during the second quarter.
CNBC spoke with a gold bear and bull on where the precious metal could go in the near and long term.
Bull
Adrian Day of Adrian Day Asset Management is drawn to gold because of the bad reputation it's gotten in recent weeks.
"The sentiment is so overwhelmingly bearish and as a contrarian that makes me optimistic about gold," he told CNBC's "Closing Bell" on Monday. "The options sentiment, the bullish consensus numbers, the Comex open interest—all of these indicate a bearish sentiment on gold that is about as negative as it could be."
He also said that interest rates and the U.S. economy have already been priced into the pressure on gold. Production could level off this year and next, he said, helping to lower supply.
Bear
There is simply too much gold supply, said John LaForge of Ned Davis Research.
"Eventually it will balance, but as of right now there is still too much supply," he said in the same interview. Even though the numbers are down, he said, gold production has been up over the last two years.
"That's what happens at the end of a supercycle, people tend to overproduce."
LaForge expects that if gold follows the pattern of a normal supercycle, the price could drop to the mid-600s before it is done.