One of London’s leading gold experts has urged his clients to dump their gold and silver holdings.

John Reade, an analyst at UBS, told investors to erase all their positions until the latest upward price surge ends, Ambrose Evans-Pritchard writes in the London Telegraph. Last week, gold ran up to $1,011 an ounce, not far from 2008’s record high of $1,030.

Gold has climbed amid the dollar’s drop to a one-year low.

Reade says futures contracts on New York's Comex exchange are flashing warning signals. The Comex experienced a surge of 6.4 million ounces in net long contracts last week. Such jumps in the past have on average presaged a 5 percent drop in gold prices over the next month.

"We recommend that nimble investors take profits on any long gold and silver positions, looking to re-enter after a correction," Reade says.

He sees gold slipping to $950 over the next month and then resuming its rally next year.

The last time Comex long contracts approached last week’s levels was in February 2008, when gold hit its record high and then crashed.

Others also see a pause for gold before its next rally.

Kaname Gokon of Okato Shoji told Reuters, “Gold looks like it will stay strong, as there is a general preference for the precious metal. But in order to gain further momentum, we first have to deal with a heavy pile of long U.S. futures positions."