Tony Hall of Duet Commodities Fund Ltd., which has returned more than 30 percent this year, told Bloomberg Television that gold's price decline last month does not mark a change in the metal's overall trend.
The decline is more of a healthy retracement than a change of the trend. I do think the trend is still in place and in the next three to six months we're going to reach the $2,000 mark.
Hall also said he believes a recession will be avoided, but no matter whether or not there is a recession gold will make a solid investment.
Gold is quite a chameleon in terms of what it's used for. If things are going well then it can be an inflation hedge or a store of value. If we do have a crisis, it can be a safe haven. I personally think we're going to avoid a recession.