How to trade gold and bitcoin after the big stock market rebound
Gold has cooled after a year-long rally that sent the commodity to a gain of 35%, but even with stocks in rebound mode, the market hedge has room to move higher, according to David Schassler, head of multi-asset solutions at fund manager Van Eck.
"I couldn't imagine a better backdrop for gold," said Schassler on this week's CNBC "ETF Edge."
The U.S. government has "huge debt, huge spending and huge chaos" Schassler said, adding that he doesn't see that changing anytime soon.
Hedge fund icon David Einhorn of Greenlight Capital echoed that sentiment on CNBC's "Closing Bell" in an appearance Wednesday from the Sohn Investment Conference. "There's a bipartisan agreement to do nothing about the deficit until we get to the next crisis," he said.
Einhorn is long gold and said he thinks it could reach $5,000 in 2026.
Schaasler also called for the price of gold to hit $5,000 next year.
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