Both gold and silver, which is often called the poor man's gold, have taken on the role of currencies as the dollar loses its luster and inflation fears run wild, said Hanlon. He expects gold to top $1,700 an ounce and silver to reach $75 an ounce within a year.
"This is a huge safety play," he said. "Investors can't sit on their cash anymore because the value of the dollar keeps deteriorating. To offset that, they're parking money in precious metals."
The dollar index, which measure the greenback's value against a basket of currencies, has fallen more than 6% in 2011.