Bill Baruch joined CNBC’s Halftime Report to defend his gold position after a rough quarter for the metal. Earlier this year, he trimmed GDX and sold CEF, a gold and silver combo fund, to move into OUNZ, a gold only vehicle. Now he says he’s stepping back in to buy more of both GDX and OUNZ, pointing to a chart that’s building out constructively with July seasonality working in gold’s favor. His main catalyst is the Fed. He thinks Kevin Warsh’s hawkish tone after the June meeting gets walked back over time, similar to how other hardline stances have softened this year, and that makes gold attractive from here. He also pushed back on the idea that gold’s pullback signals a fundamental breakdown, pointing instead to central banks and oil exporters selling gold off their balance sheets to raise cash. Watch the full discussion here.