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David Greenberg: Buy Gold on any Pullback

With oil sliding lower and gold marching higher how should you position now? Find out from David Greenberg president of Sterling Commodities.

Crude Oil

Concerns about demand for petroleum products sent the price of crude oil lower after new data again called the recovery into question.

The latest in a string of negative economic data points showed consumer spending dropped in June for the first time in nearly two years and incomes barely rose.

And earlier in the week manufacturing data not only from the United States, but also Europe and China disappointed investors and suggested the global growth engine was shifting into a much lower gear.

But despite the negative catalysts, top strategist David Greenberg, president of Sterling Commodities, doesn’t expect oil to sell-off significantly. Like so many other pros he too, tells the desk “Crude will bounce between $90 - $100. “

Gold

Meanwhile gold surged to all-time highs on Tuesday as investors poured into the precious metal as a safe haven trade not only due to worries about global growth but also the lingering possibility that S&P could downgrade America’s credit rating.

Even with gold flirting with all time highs, David Greenberg tells us, it’s not too late to get in. “In the long-term gold should be a good play. A pullback in gold is a buying opportunity.”

Dont Miss: David Greenberg on the Transition From Open Outcry to Electronic Trading Click for details.






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Trader disclosure: On Aug 2nd 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (XOM); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX); Scaramucci owns (C); Scaramucci owns (GOOG); Scaramucci owns (MS); Scaramucci owns (WMT); Scaramucci is long the U.S. Dollar; Weiss Owns (TBT); Weiss Owns (JPM); Weiss Owns (QCOM); Weiss Owns (DVN); Weiss Owns (COP); Weiss Owns (KO); Weiss Owns (MDRX); Weiss Owns (SLV); Weiss Owns (VZ); Weiss Owns (NS); Weiss Owns (ETP); Weiss Owns (SDS); Weiss Owns (TWM); Weiss Is Short (X); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU)

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