KITCO NEWS - As gold prices stabilize after selling off at the start of the trading week, Todd 'Bubba' Horwitz tells Kitco News the metal may be near its bottom. Commenting on the $50 drop in gold prices on Monday, Bubba said it was simply a ‘blowoff to the downside’ as a seller came into the market and dropped 27,000 contracts within 10 minutes. 'That, to me, calls for a blow-off bottom,' he said, adding that shortly after that the metal rallied back up about $30. Yesterday, gold prices hit a low of $1,080 an ounce, and closed off the trading day higher at $1,106.80 an ounce. 'I think that’s a great sign that the bottom is possibly near, if not in already,' Bubba explained. Kitco's last spot gold price was up $8.40, at $1,106.10 an ounce, as of 1:09pm EDT. Bubba argued that although this could be considered a 'dead cat bounce', he remains optimistic for the metal. 'Everything we know that could drive the price of gold lower is basically priced into the market,' he said, listing a strong U.S. dollar as one of the main factors. 'I think this is a great spot [for gold] as a hard asset that people should own,' he said, adding that gold should be part of one's portfolio.
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