Gold and oil have historically moved together, but are no longer. Gold is up 15 percent this year, while West Texas Intermediate crude is down 14 percent.
Dan Denbow, assistant vice president at USAA Investments and manager of the USAA Precious Metals and Minerals Fund tells CNBC's "Power Lunch" on Tuesday the drop in oil has improved the outlook for gold.
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"Many investors [are] turning to gold for its safe-haven qualities [and] many mines have energy expenses that add up to about 25-50 percent of their overall operating costs (depending on the style of mine)," Denbow said.
A stock he likes in this environment is Asanko Gold. Denblow believes the completion of Asanko's project in West Africa will allow the company to ramp up production over the next year.
"As the plant works through the commissioning phase, it should allow for multiple expansion as the concerns about start-up risk are mitigated," Denbow said.
Asanko Gold is down during trading, but is up 36 percent year-to-date.