With gold having dropped 28 percent from its September 2011 record high, consider a long position in the precious metal, says Matt Gohd, an options specialist at Wallach Beth Capital.

Spot gold stood at $1,407 an ounce Friday morning, compared with its all-time peak of $1,921.

Gohd didn’t turn bullish on gold until its plunge in recent days. “I thought it was over-owned over-hyped and under-delivered,” he told CNBC.

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“The constant bullish refrain about all the central banks ‘printing money’ and upcoming rampant inflation has been the same for the last $350 move down."

But market sentiment has turned 180 degrees.

"Everybody hates gold now, which means that gold has priced in every negative potential that could happen to it," Gohd said.

When an asset moves down so violently, a supply vacuum is created, sparking a move higher, he explained. Gohd thinks gold can rise 10 to 15 percent and recommends going long through options to minimize risk.

Asian shoppers already are trying to take advantage of the metal’s meltdown. In China, retail gold sales tripled April 15-16, the China Gold Association reported.

“The culture in Asia is such that they will absorb the physical metal when the price drops,” Dick Poon, general manager at Heraeus Metals Hong Kong, told Bloomberg. “Jewelry demand is improving and industrial customers are also buying on the dip.”

Indeed, the retail sector apparently sparked gold’s rebound Tuesday and Wednesday.

“We are seeing a lot of retail buying and not a lot of commercial and certainly not fund buying,” Frank McGhee, head precious metals trader at Integrated Brokerage Services, told Reuters.

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