Although oil prices have recently steadied around $70, Kerr remains bullish on the commodity, he said. Though there is little short-term opportunity, he's approaching it on a long-term basis.
"My real fear is that during this time of lower prices...we've invested nothing in infrastructure, we're not drilling offshore, all that talk about alternatives, nothing's happening right now," he said.
"When demand does come back, [its going to] come back and slap us in the face and there will be even less supply this time around."
Kerr said he sees the spike in commodities as the beginning stages of a "serious" bull market, caused by a paradigm shift in the dollar.
Lutts agreed that oil is entering a bullish phase, adding that gold is another good place for investors to protect their portfolios.
"It's very hard to know shorter term, but longer term I think we're going to see higher prices," he said. "It's all related to the emerging market demand, and that works into gold as well."
Platinum is also a good buy as the auto industry starts to rebound, he said.
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Disclosure information was not available for Lutts, Kerr or their companies.