Jeff Currie, head of commodities research at Goldman Sachs, attributes part of the 20 percent rally in gold this year to uncertainty over the coming U.S. election.
"We have a lot of political risk in the market right now, so gold has a strategic purpose," said Currie, explaining that investors often gravitate toward hard assets in times of uncertainty. "Gold is a hedge against politicians."
In this in-depth conversation, Currie also discusses why Goldman reduced its 2016 year-end oil forecast by 14 percent to $43 from $50 a barrel, as well as the one commodity he thinks is a buying opportunity right now.
To watch the full broadcast interview, which originally aired on "Power Lunch," you must be a CNBC PRO subscriber.