NEW YORK (TheStreet) -- Kingsview Asset Management's Chief Investment Officer Scott Martin appeared on Fox Business's "Cavuto: Coast to Coast" Wednesday to talk about the recovering economy and why now is a good time to invest in gold.
The theory that the market is higher because it's the one place for investors to "park their money" is "one of the biggest farces out there," anchor Neil Cavuto said.
Instead, most money that is "seeking shelter" in the U.S. is moving into bonds, Cavuto explained.
Martin agreed with Cavuto and said that low interest rates, the availability of capital and stock buybacks are "feeding a lot of these higher prices."
With stock prices at record highs and bond yields at record lows, people have to look for cheaper alternatives such as gold, Martin noted.
Kingsview Asset Management has been in favor of gold all year, especially since the Federal Reserve decided not to raise interest rates as the economy recovers "but still struggles to really heat up," Martin said.
While investors shouldn't hold out too long because stocks have a chance to rally later on this year, Martin said gold should still have a place in your investments.
"I love gold as much as a gold member from the Austin Powers movie, because I think gold is going to provide that non-correlation which means it's not going to move likes stocks or bonds. That's why its needs a place in your portfolio," Martin said.
In order to continue moving higher, the market needs to see improvement in "business investment and wages," Cavuto noted.
Gold prices were higher in mid-afternoon trading on Wednesday.