All that glitters certainly wasn't gold this week, with the traditionally safe-haven asset sinking amid Wall Street's massive sell-off.
But one longtime gold watcher says now could be the time to buy — if you are a patient investor.
"Give it a little bit of time," Mike Dudas, partner at Vertical Research, told CNBC's "Futures Now" this week. "We've just come off a tumultuous last four or five days in the equity markets and everything's getting re-based."
The inverse relationship between stocks and gold should reestablish itself as volatility returns and erratic moves become more commonplace, predicted Dudas. The Cboe Volatility Index (VIX), which measures market volatility, spiked on Monday to its highest settlement since 2011. Three months earlier, the index had settled at an all-time low.
"As things settle down and we get much more volatility in the marketplace, I think gold is going to find a bid," he said. "With the advent of the short-vol trade being busted, more equity volatility, bond markets moving higher with inflation expectations increasing, I think that's very important."
In the near term, Dudas forecasted an upside target of $1,355 an ounce for gold. He maintained a year-end price target of $1,400. Such a level implies 6 percent upside from current levels.
Gold prices declined by nearly 2 percent in the month so far, failing to find buyers already fleeing sharp sell-offs in the stock market. As the Dow Jones Industrial Average slumped more than 1,000 points on Monday and Thursday, gold prices saw moves of less than 1 percent.