The price of gold surged this week after the poor jobs numbers released last Friday. The yellow metal is now up about 3.5% in 2015, while the S&P 500 is up barely 1.5%. As usual, technical traders are now jumping on the gold bull wagon, at least temporarily.

In this short CNBC interview, precious metals analyst George Gero sees gold continuing to move higher, even if the US dollar remains strong. His reasoning? Markets around the world are going to show a renewed interest in gold as their currencies continue to lose value.

While Gero hints at fundamental demand supporting gold, CNBC’s analysis is mostly of short-term trends in precious metals. Traders now seem to take it for granted that the Federal Reserve will simply delay the interest rate hikes that the markets were expecting would begin in June. Of course, Peter Schiff has been saying all along that the Fed will not only delay rate hikes, but will probably forego them entirely and return to quantitative easing.

Video Length: 00:04:16

Highlights from the video:

Gero: We’re up because the poor jobs report woke up the funds. For the last quarter, we were losing open interest in gold [futures contracts]… Now, with so many bears in the woods, the fact that the Fed seems to be kicking the can down the road to maybe September instead of June, is helping gold tremendously…

CNBC: [If the dollar rises against the euro, maybe even reaching parity, isn’t that going to send gold lower?]

Gero: It could, but I don’t think this time it will. It will be like a wake-up call for Europeans who don’t want to be in a debased or declining currency. [And in] South America, where you see declining debased currencies, like Argentina, Venezuela, you’re going to see more people coming back to gold who have left gold. The reason for that is going to be the behavior of various currencies and interest rates forthcoming…