NEW YORK (TheStreet) -- Although equity markets have battled negative headline after negative headline, Michael Pento, president of Pento Portfolio Strategies, tells TheStreet's Ruben Ramirez why the debt ceiling debacle could create a buying opportunity.On Wednesday, the Federal Reserve announced it wouldn't reduce its bond-buying program. But that's not all. Pento said that Bernanke will keep long-term interest rates pinned lower, which will drive inflation higher. Because of that, Pento said investors should be looking at gold and gold miners, "right here, right now." In 2008,, there was a massive buildup in commodity prices, and when the Fed raised interest rates, all the assets ended up collapsing. Pento said that in March 2009, the Fed began to rebuild those assets, as well as equities. This will continue to happen for several more years until interest rates rise and once again burst bubbles. But until then, Pento suggested that investors buy the dips and enjoy the ride up. He added that the last debt ceiling gridlock shaved 2,000 points off the Dow Jones Industrial Average and allowed for a great buying opportunity. He concluded that he is a buyer of gold and other commodities. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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