‘Commodities Meltdown to Continue’: Pro

The price of gold, as well as other commodities, could have farther to fall, Joe Terranova of Virtus Investment Partners said Monday.

"The commodities meltdown, I think, is going to continue," he said. "And I think to figure out exactly if this is a moment where you step in and in essence buy a falling knife, you have to look back toward the past."

On CNBC's "Fast Money," Terranova pointed to a high in gold back in September 2011.

"That's exactly when we had that deficit debacle in Washington, D.C.," he said. "Gold should've gone higher at that point. It did not."

Noting that gold trading volume was "incredibly heavy right now," Terranova warned about speculative length being as high as it was back at gold's high, with one caveat: "The price is much different."

"You have an environment where further downside is definitely present because you have so many people that are long," he added.

(Read More: Gold Hit by Panic Selling, Margin Calls Driving Downdraft in Other Metals, Oil)

TheStreet CIO Stephanie Link linked gold's price action to China "stalling out," according to overnight economic data. Link added that China's performance reinforced her portfolio positioning of U.S.-centric companies.

"I think the commodities meltdown today could be viewed bullish in terms of for the consumer, for consumer staples," she said.

"If you want to slowly pick at some of these commodity names, I think you focus on companies that have dividend yields, and where those yields start to approach 4, 4½ percent if you have a longer-term time frame."

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.