He argued gold futures, which have soared about 20 percent this year, will continue their climb.
Meanwhile, U.S. crude oil prices have rallied 9 percent this year, pushing gas prices up for consumers. Traders debated what effect the rise would have on retail stocks.
Traders Dan Nathan and Steve Grasso said the SPDR S&P Retail ETF could struggle in that environment. Grasso also said Amazon.com may be a smart buy if broader stock valuations rise from here.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX kids own EFA, EFG, EWJ, IJR, SPY
Long PFE Long TWTR, Sept risk reversal WMT long May 65 puts GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XRT long June 45/38 put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spread SMH long aug putspread
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN