A potential correction in the equities market, coupled with rising U.S. debt levels, will play in gold's favor, said Jay Taylor of J. Taylor's Gold, Energy & Tech Stocks.
"I think we need to get through $1,350, $1,360 [an ounce], and then the first major target that I see, and I'm not sure of the timing, I think we're looking at $1,700," Taylor told Kitco News on the sidelines of the Metals Investor Forum in Toronto.
Taylor noted that this target is unlikely to be met this year, adding a one to two year time horizon.