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Gold Is the 'Only Currency': Strategist

Gold is "the only currency" worth investing in as it is a good hedge against the eurozone's fiscal troubles, said Mathew Kaleel, co-founder & portfolio manager, H3 Global Advisors.

"Gold, and every currency, is going up. It's going up a lot more than (the) euro and sterling," Kaleel said on CNBC Tuesday.

He believes Europe's fiscal issues have not ended as yet, saying the International Monetary Fund's package for Greece is "literally a band-aid solution."

"We're going to see other countries (facing) the same kind of difficulties in Europe. That's going to be negative for the euro," Kaleel said.

Gold is a very good form of insurance as there's limited supply in terms of increased mine output, so that's a really good way to hedge yourself against euro issues, he continued.

(Watch the video at 1:20 for Kaleel's comments on gold)

When asked if crude oil prices would go beyond current levels, Kaleel advised investors to be "very cautious" above these levels, adding that his firm has been trimming positions as there's too much supply relative to demand.

"The markets will supply, there're no issues in terms of supply out of the Middle East. So what we're seeing in the forward curve in oil -- the first six to 12 months is a dramatic spike up. Storage is now at a premium. Oil is back on tank as there's simply not enough storage facilities around," he explained.

"We've been saying for some time the range is about $65 to $85 which is non-inflationary. It's good for producers -- cheap enough for buyers, and anything above that starts to create its own issues."

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