The price of gold is rallying on growing uncertainly about a Federal Reserve interest rate hike and fears companies may disappoint already low expectations with third quarter earnings reports. No wonder billionaire Paul Singer said every investor should buy gold.

According to a Bloomberg report, Singer criticized monetary policy makers for a “staggered economic recovery” and slammed “the cult of central banking” in which investors turn to regulators such as Janet Yellen and Mario Draghi to solve the ills of the global financial system.

Singer, a member of Bloomberg Markets 50 Most Influential, said he was surprised how few investors he meets own gold:

In a world where the value of paper money is affirmatively aimed at being degraded by central bank policy, it’s kind of surprising to me that gold can’t catch a bid. I like gold. I believe it’s under-owned. It should be a part of every investment portfolio, maybe five to ten percent.”

Singers comments come as economic dynamics suggest the price of gold and silver may have hit bottom and will continue on an upward trend.

As reported by Reuters, gold hit a three-month high this week. Silver also advanced three straight days amid signs of tightening supply and increasing demand.

Capital Economics analyst Simona Gambarini said growing doubt the Fed will raise interest rates is fueling the precious metal surge:

The majority of the rebound can be explained by the Fed … delaying rates, and more investors believing that there won’t be a rate hike this year.”

Federal Reserve Chair Janet Yellen said the central bank is still on track to up rates before the end of the year. But comments by Fed Governor Daniel Tarullo reveals sharp division within the bank’s leadership. Bloomberg reports Tarullo told CNBC the central bank should hold off on raising rates, lining him up with fellow Governor Lael Brainard, who also made the case for patience: