Joe Terranova Is Bullish On Gold (GDX, GDXJ, IAU, GLD)

Joe Terranova said on CNBC's Fast Money that he doesn't have enough gold in his portfolio, and that is why he stepped out and bought some today. He believes that Fed is monetizing the debt, and owning gold is the ideal hedge in this situation.

Joe Terranova noted that September and October have historically been weak for U.S. dollar, and that correlates with higher gold prices. He thinks that gold will be challenged at $1,265 and it will end the year at $1,300.

If you are interested in gold you can take a look at iShares COMEX Gold Trust (ETF) (NYSE: IAU), SPDR Gold Trust (ETF) (NYSE: GLD), Market Vectors Gold Miners ETF (NYSE: GDX) and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ).