Time to buy Gold? (GLD)

Is the time to buy gold now? When I mean gold I mean the gold ETF GLD. Gold has dropped tremendously in the past trading week. In fact I was going to make a post whether or not traders would think Gold was heading to $2000 by the end of the year. It did the complete opposite, it dropped like a brick. Now this is a trading alert to talk about! Gold is 'cheap' compared to previous trading levels and the global economy is still shaky. Lets take a look at the following chart;

This is the ETF that tracks Gold (GLD) and as you can see it dropped off a cliff. My opinion is, with prices this 'low' and the world economy still shaky, especially what's going on in Europe and their monetary crisis, gold has the tendency to skyrocket. Remember, this precious commodity was heading towards the $2000 levels not that long ago.

Now this is a fast trade; but I'd take some time to let it recover. That's why I recommend the October 22 Call option (at the money @ 160). Already shaky Asian markets indicate a wild ride for the near term; my recommendation is; BUY GLD!