Gold is unlikely to see any upward movement until the second half of the year, said Frank Holmes, CEO of U.S. Global Investors.

"The U.S. dollar just looks more attractive. The issue is going to come in the second half of the year when we start dealing with higher interest charges and this monetary supply still so great," Holmes told Kitco News.

On cryptocurrencies, Holmes said that although digital currencies are trying to climb higher, more uncertainty awaits, especially concerning policies.

"It's going to have to deal with the G20 countries trying to deal with policies for cryptocurrencies sometime in mid-July, so I think from now until then it's just going to be sloppy," he said.

Holmes added that the average daily volatility for gold and the S&P 500 is 1% compared to 6% to 7% for cryptocurrencies, so as an asset class they are much more volatile.

Watch more from Kitco News here.

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

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