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However, she added that gold won't be ignored much longer as speculative positioning has made it attractively undervalued. "Some large speculators are close to being net short,which is you don't see very often in gold. When you do see that sort of thing, it's usually a sign that most of the, the pain, the downside pain is run its course," she said.
Carley said that while she is bullish on gold in the near-term, she doesn't rule out a drop below $1,700 an ounce. She added that there are ways for investors to protect their bullish bets in gold.
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