(Kitco News) - A debt-crisis similar to what Europe saw in 2010-2012 looms on the horizon, and investors should position their portfolio with risk-off assets, this according to Will Rhind, CEO of GraniteShares.

"This time, out of nowhere, it feels like Italy is the latest drama to play out," Rhind told Kitco News, "I don't think it's another Brexit type situation, but I think it's much more like 2010, 2012, where you have more volatility, threats of countries potentially leaving the Euro, threats of contagion."

Rhind noted that Italy is unlikely to leave the European Union and that threats of contagion should not spread beyond the current stage.

Higher volatility is needed for investors to be interested in flight-to-quality assets, like gold, he said.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.