Colvin, who has worked on the Chicago Mercantile Exchange trading floor for more than 20 years, isn't ruling out a new gold spike caused by tensions abroad. He believes a tenuous geopolitical situation could push prices to $1400 in a hurry.
Right now, the yellow metal is trading around $1348. Looking at technicals, Colvin sees $1370 as a key resistance level. On the flipside, if prices trickle lower, it could entice buyers to return to the market in droves.
"If we get that close to $1330, I think you're going to see plenty of those speculators come back with both hands to buy it," Colvin said.