In a decided bullish panel on commodities at the Milken Institute Global Conference, one area of bearishness stuck out: gold.
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The problem with gold is that it doesn't trade based on the fundamentals of supply and demand these days, Joshua Harris of the private equity group Apollo said.
"Gold acts more like a currency than a commodity," Harris said. "It is a bet against paper currencies."
Gold pricesfell about 0.2 percent in April, with spot gold ending the month around $1664 a troy ounce.
It was the third straight monthly decline and the longest losing streak for the precious metal since 2000.
