A catastrophic recession is coming, and gold is still the best investment to hold during an economic collapse, this according to Gerald Celente, publisher of the Trends Journal.

"For me, speaking only for myself, gold is the number one investment and I've been saying that since I began buying gold in the 1970s," Celente told Kitco News.

Celente added that the Fed's latest rate cut can be likened to "monetary methadone," where liquidity is pumped into a credit system that is already over-levered.

"It's just shooting in more money to keep the addicted bull running. It's not boosting economies around the world, we're looking at a global slowdown, and the numbers are there, and even people like the IMF, the World Bank, one after the other, they're warning of a recession," Celente said.

To know more, watch the full interview above.

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