‘Golden Cross’ May Signal Big Gold Gains Ahead

The price charts for gold are approaching a “golden cross” — in which the 50-day moving average surpasses its 200-day moving average — suggesting the start of a bull market, but is it a buy?

Joe Terranova of Virtus Investment Partners said yes Wednesday on CNBC’s “Fast Money.”

(Read More: Bollinger: ‘Golden Cross’ Psychologically Important)

“I think everyone should own gold, everyone should own silver. To me, it is the true buy-and-hold asset right now,” he said.

But as far as precious metals go, Terranova didn’t stop there.

“If there is something that I would trade, it would be platinum,” he said. “Platinum is a metal that has seen significant short-selling pressure throughout the year. That has been reversed because of the fundamentals we’re seeing in South Africa.”

Terranova said the platinum ETF PPLT was the way to play it.

Trader disclosure: On Sept. 19, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Dan Nathan is long AAPL; Dan Nathan is long GS; Dan Nathan is long WFC; Dan Nathan is long SBUX; Dan Nathan is long JCP; Dan Nathan is long PG; Dan Nathan is long AAPL SEPT/OCT 700 CALL SPREAD; Dan Nathan is long JCP OCT/NOV 26 PUT SPREAD; Dan Nathan is long GS SEPT 90/80 PUT SPREAD; Dan Nathan is long WFC JAN 33/38 RISK REVERSAL; Dan Nathan is long SBUX SEPT 47 PUTS; Dan Nathan is long PG JAN 67.5/62/5 PUT SPREAD; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is short AAPL Calls; Karen Finerman is long AAPL Put Spread; Karen Finerman is long BAC; Karen Finerman is short BAC CALLS; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long WTW; Karen Finerman is long JCP; Karen Finerman is long GLW; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Joe Terranova is short EUR; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long SWN; Joe Terranova is long AAPL; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long VLO; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long AAPL SEPT 655 PUTS; Joe Terranova is short AAPL SEPT 640 PUTS.

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