Short Gold Until It Hits $1,000 Trader Says

In a year where stocks have soared and bonds have gone no where, the 30% year to date slump in gold (GLD) is that much more noticeable. Not only is it conspicuous, but it's also tempting many investors who feel that the metal's retreat is overdone.

And why not? It wasn't that long ago that gold was fetching almost $1900 an ounce. There's also the reality that, at some point, world markets will surely face turmoil again and trigger an inevitable flight to safety.

And yet, CME-based professional investor Bill Baruch of iiTrader.com isn't buying any of it and currently sees nothing but downside for the currency of yore.

"We're looking at (gold) prices down to about $1,000 sometime next year," Baruch forecasts in the attached video, eschewing the aforementioned arguments that gold is ripe for a rebound. (more)

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