Mark Fisher: Gold Bulls Should Love This
The drop in prices could mean an opportunity for bulls, commodities trader Mark Fisher of MBF Clearing said Monday.
"If you're a long-term believer in gold, then you should love this, what's going on, because it's going to give you a chance to buy a significant position at a much cheaper price if you're in gold for the long term," he said.
On CNBC's "Fast Money," he also said that WTI crude would likely not drop more than $2 or $3 per barrel.
WTI crude traded down $2.52 midday at $88.76 per barrel.
Meanwhile, gold's price declined below $1,400 per ounce.
While not taking a stance on the gold trade, Fisher continued to call it positive for bulls.
"If you're a long-term believer in gold, you should like this because this is giving you a chance to buy insurance, anxiety insurance, currency insurance, whatever you want to do, at a cheaper price than you ever thought you'd be able to do it at," he said. "I'm not advocating that one way or another; that's just the reality of it.
"If you're a short-term speculator, good luck."
Trader disclosure: On April 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long VXX; Jon Najarian is long VIAB; Jon Najarian is long GVZ; Jon Najarian is long JCP CALLS; Jon Najarian is long TXN PUTS; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AXP; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long PANW; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long BBG; Joe Terranova is long TUMI; Joe Terranova is long BK; Joe Terranova is long SWN; Joe Terranova is short mini S&P Futures; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Mike Murphy is long AAPL.