NEW YORK (TheStreet) --With gold hitting its lowest point since pre-Brexit levels, Manhattan Venture Partners chief economist Max Wolff and Stifel Nicolaus portfolio manager Chad Morganlander joined CNBC's Brian Sullivan on Wednesday's "Power Lunch," to discuss the future of the commodity.

Wolf began by hypothesizing that gold has yet to peak in 2016.

"I don't think so for the whole year. There are three reasons you buy gold; either you wear a tinfoil helmet and you live in your mom's basement, you're worried about inflation, or you're worried about stability," Wolff explained.

The third reason is what ultimately leads Wolff to believe gold has another rally in store by year's end.

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Sullivan then questioned Morganlander about if keeping gold in a portfolio is still a smart play.

"In the negative interest rate environment that we're in, gold is a great hedge against market volatility as well as equity risk. So we expect gold, over the next five to six years, to have an annual return of roughly between 4% and 6%," Morganlander said.

Morganlander concluded by adding that he is of the belief that gold will rally again after the Federal Reserve decides to raise interest rates, which he expect by the end of 2016.