North Korea has once again thrown chaos back into the global financial systems, after it launched a missile over Japan in the early morning of Tuesday, local time. This sent stock futures lower in the U.S., while safe-haven assets like gold climbed on the news.

What should investors make of all this?

First, if you haven't checked out TheStreet's Market Recon report by Stephen Guilfoyle, that's a must-do. In it, Guilfoyle says gold looks tempting after the latest increase in tensions with North Korea. He laid out a pretty solid case for why gold is attractive. And he's not the only one.

Gold prices are up about 1% so far in early Tuesday trading, as the metal pushes closer to $1,330 an ounce.

Mihir Kapadia, CEO at Sun Global Investments, said "there is increasing expectations for President Trump to counter react to the North Korean aggression." This could add fuel to the fire, as investors worry about just how far this situation could go under the U.S. president's command, which would push gold prices higher.

Others don't see a decline in gold prices anytime soon, either. Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, pointed out that gold prices broke out over a key level near $1,300. As a result, and given the current geopolitical backdrop, he doesn't foresee the metal falling below $1,200 per ounce.

Even without escalating the situation, gold prices could climb. Markets and investors do not like uncertainty and there's plenty of it now following North Korea's latest actions. Adding to that, though, gold prices were already on the move following the devastation Hurricane Harvey is wreaking on Texas and following the Jackson Hole summit last week.

The SPDR Gold Trust ETF (GLD) is on the move Tuesday as it tracks the price of gold: Randgold Resources (GOLD)   is up 3.1% in morning trading. Defense names like Lockheed Martin, (LMT) , Northrop Grumman (NOC) , Rockwell Collins (COL) , Boeing (BA) and United Technologies (UTX) are all expected to catch a bid Tuesday.

Even Bitcoin is moving higher, which brings us to the question:  Is Bitcoin the New Gold?

More of What's Trending on TheStreet: 

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

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