This is it — the do-or-die weekend for the "fiscal cliff" negotiations. How do you protect yourself from all the headline risk?
Brian Kelly of Shelter Harbor Capital thinks the place to be is gold.
"Let's think about what would happen," he told CNBC's Melissa Lee. "Best-case scenario, we're going to get some kind of a mini deal." That would still lead to a degree of fiscal tightening, which would probably lead the Federal Reserve to print money.
The other scenario, he says, is no deal. "The whole thing blows up, we go over the cliff, no deal, nobody's talking." In that case, he says, "the Federal Reserve will have to print an awful lot more dollars." In other words, both a mini deal and the absence of a deal would hurt the dollar, in Kelly's view. "
All in all, Kelly says, "it seems like gold is the one trade off of this. And since it hasn't moved, it probably has a much better opportunity to go higher."
(Read more: Gold May Be Down but Bulls Aren't Counting It Out)
