As gold surged above $1,000 Friday, solidifying its position as one of 2009’s best assets to date, investors wondered if now is the time to buy or if they’ve already missed the boat.
Guests Jim Steel, chief commodities analyst at HSBC, and Kevin Kerr, editor of Global Commodities Alert, joined CNBC to give their take on this latest market trend.
Kerr believes that gold has hit a new benchmark and will likely continue on to $1,500 in the coming months. He is skeptical of the commodity’s ability to reach the $3,000 mark predicted by others, but explains that people still have ample opportunity to get in the gold market.
“In the equity space, I like a miner like Jinchuan, it’s a Chinese miner. There are a few out there. I’d be very cautious, I lean more towards trading the options on gold,” Kerr said. “I like to stay as close to the underlying metal as I can and even owning some actual, physical metal might not be a bad idea either.”
Watch the video below to see what the analysts had to say about gold