Mallouk is bullish on the stock market, but Schiff makes the case that this is gold's day.

The S&P 500 has gained about 19% on the year, but Mallouk pointed out that if you stretch the timeline to two years, the index is basically flat. For that reason, he said he is bullish. He said we've seen rates go way up and people are starting to see "somewhat of a reasonably soft landing." Barring something unexpected, he said the future looks "very bright."

Meanwhile, gold surged to a new record high of $2,135 early Sunday morning before pulling back sharply Monday. Claman pointed out that gold typically moves down as Treasury yields increase. So, what is the longer-term outlook for the yellow metal?

Peter said he thinks, "This is gold's day."

I know we are $100 lower already because we got some profit-taking on the big spike up. But I think $2,000 is now the support for gold. I mean, it could trade slightly below it, but this is not the end of the bull market. It's the beginning."