European stock markets are down as Greece is rapidly running out of time to strike a deal with its creditors. But according to Hansen, investors have grown tired with the Greek crisis and want hard facts before deciding on whether gold is the better investment.

At the same time, markets are waiting for confirmation about the timing of a possible rate hike from the US Federal Reserve, which is also keeping the gold price in check, Hansen says.

But a key market player may have the power to punch gold higher.