NEW YORK (Kitco News) -- According to markets, there is an 80% chance of a December rate hike by the Federal Reserve Wednesday. But, will this just be a one-hit wonder?

'If it is at all, it would only be a one-hit wonder in my opinion,' said Todd 'Bubba' Horwitz, veteran trader and host of The Bubba Show, speaking to Kitco News on his outlook for 2016.

Horwitz said he doesn't really understand what the Fed is trying to do. 'They have no credibility...the theory here is that they will raise rates so they can lower them again if there's a problem,' he said.

The Federal Open Market Committee (FOMC) meeting concludes Wednesday afternoon and markets expect the central bank to raise interest rates by 25 basis points. However, analysts continue to question whether or not the U.S. economy - and global economy - can withstand a rate hike.

'The bottom line is the economy itself is in very bad shape globally, not only in the States,' Bubba said, adding that he doesn't expect continued rate hikes in 2016 as it is a presidential election year.

Looking at gold, Bubba said he thinks the market is 'near the lows' if not already there. 'When you look at the overall space, you have to say what is my risk versus what is my possible reward.'

On whether investors still care about the yellow metal, Horwitz said, 'I look at it as a commodity not a currency -- the probability model states that we probably will go higher; there is a lot more value than it is currently priced and there is an opportunity to the upside.' He added that longer-term investors want to be an owner of gold.

February Comex gold futures are volatile ahead of the Fed meeting. After hitting a high of $1,067.90 on the day, the metal was last quoted down $3.20 an ounce at $1,060.20.

Horwitz explained that the possibility of gold heading lower in 2016 does not cause him to lose sleep, 'If we go down another 4%-5 % -- it doesn't concern me. As we go down, it is more of a buying opportunity.'

'I think the opportunity to gold is on the upside especially if you look at a longer-term horizon,' he said, adding that all the bad news that has pressured gold has already been priced in.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.