Gold gets all the headlines, but platinum is a better bet to put precious metals in your portfolio, Patrick Armstrong of Armstrong Investment Managers told CNBC.
"Every country is in a race to debase its currency and improve competitiveness. So you're getting a real asset with platinum, but you're also getting exposure to catalytic converters and industrial growth...there’s a real use for platinum," he said Thursday. "You should see platinum prices above gold prices."
Thursday, the most actively traded platinum contract was down slightly to trade near $1,627.50, while gold futures were down less than a percent at $1,652.08.
Gold is one of the assets he's been selling in March, he said, because "you’re not getting the diversification benefits you got historically."
"The market was very risk-averse ending last year and there was a lot of opportunities. We were building copper positions last year based on the hope China would begin restocking," Armstrong said. "We’ve had very good performance on that and we're taking profits right now."
The "supply and demand balances can go either way" when it comes to China and industrial metals, such as copper and tin, he said.
"It’s not going to come down to growth" in China, "it’s going to come down to whether China will build inventories," Armstrong said. "We do think China will come in and build positions in all the industrial metals should you see further price deterioration here."
He sees value in trading currencies, particularly those of China, Singapore, and Mexico.
Finally, Armstrong likes large-cap stocks over smaller companies. The larger companies, such as Coca-Cola and Tiffany , have exposure to emerging markets, revenue growth and the ability to pass along higher prices to customers.
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Trader disclosure: On Mar 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Brian Kelly is long XLF; Brian Kelly is long SPY; Brian Kelly is short YEN; Brian Kelly is short EUROSTOXX; Steve Cortes is long GOOG; Steve Cortes is short CAT; Steve Cortes is short LVS; Steve Cortes is short AAPL; Steve Cortes is short XLI; Steve Cortes is short EUR VS. JPY; Steve Cortes is short DIS
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CNBC.com with wires.