‘Golden Cross’ May Signal Big Gold Gains Ahead: "Everyone Should Own Gold"

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The price charts for gold [GCCV1  1768.00     -1.30  (-0.07%)] 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.”

“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 [PPLT  160.00     -1.18  (-0.73%) ] was the way to play it.

New Source: CNBC Fast Money