But it continues to be in a long-term bull market, he tells CNBC

"Gold is suffering its typical midsummer seasonal weakness but continues to be in a long-term bull market," says James Dailey, CIO and senior portfolio manager for Team Asset Strategy Fund.

The best strategy, he says, is to buy corrections and crashes.

"Our two largest portfolio themes are precious metals and related stocks and high-quality mega-cap stocks with significant dividend yields," he says.

Dailey sees an economic slowdown ahead. "I am bearish on the overall market for the remainder of the year once the current rally exhausts," he says.

"I believe that the economy is poised to slow down rapidly for the remainder of 2010 and is becoming increasingly vulnerable to shocks that could result in a new recession in 2011," he says. "We believe that earnings estimates, which are currently being revised higher due to strong Q2 results, are setting up a period of disappointment for the remainder of 2010."

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