Edmund Shing, global equity portfolio manager for BCS Financial Group, told CNBC why he still sees gold as an excellent safe haven asset. Just as Peter Schiff has pointed out, investors who bought gold in any currency other than the US dollar last year saw excellent returns. What’s more, Shing agrees with Peter that the Federal Reserve is unlikely to raise rates in any significant way in 2015.

Video Length: 00:02:06

Highlights from Shing’s interview:

“That’s the funny thing… It depends what currency you look at. If, for instance, you were to consider gold as a currency and you were to look over 2014. Actually, you would have found that gold was the second best performing currency after the dollar. In other words, if you were a euro, sterling, or yen investor, you actually made quite a lot of good money by being invested in gold. It kept track, broadly, with the dollar. Anything you gained in the dollar over the year, you also gained in gold…

“I think [gold does retain its safe have status]. If you think about now, for instance. Take the five-year German bond. What does it yield? It yields negative or zero interest rate. What does that tell you? It tells you the cost of investing in gold, as opposed to leaving your money in the bank or investing it in a five year German bond is zero. There’s no cost. So the opportunity cost isn’t there at the moment. Volatility has been on the rise over the last few months… FX volatility is also on the rise. People are looking around thinking, ‘Where do I hide?’ Bonds may not be as safe as you think. So from that point of view, at least from a relative basis, gold is a reasonable safe haven…

“Let’s be honest. How quickly is the Fed going to raise rates? Even if it raises rates, it’s going to be incredibly slow. We know that there’s no inflation pressure in the US at the moment, despite the fall in unemployment. There’s no wage growth. There’s certainly no commodity inflation. Look at gasoline prices, they keep sinking and sinking and sinking. So why are they in a rush?”