During this phase, stocks, as represented by the S&P 500 ETF ( SPY), the euro, as represented in the Euro ETF ( FXE), commodities, and commodity currencies such as Australian dollar, as seen in the Australian Dollar ETF ( FXA), will be under downward pressure. The U.S. dollar, as represented by the U.S. Dollar Index ETF ( UUP), and bonds will be under upward pressure. Gold in terms of the U.S. dollar may go up or down, but in terms of the euro will likely go up. I continue to think gold, as seen in the Gold ETF ( GLD), as having the best risk/reward ratio in this environment. Timing will be impossible to predict unless you have reliable inside info from the euro-zone political inner circle, and from many sides. Such is life in a market completely dependent on politics. At the time of publication the author had holdings in gold.This article was written by an independent contributor, separate from TheStreet's regular news coverage.