Gold is one of the best long-term investments available today even as the U.S. dollar’s value improves compared with other currencies, said strategist Michael E. Lewitt.

“The hierarchy of global currencies remains gold-USD-euro-yen,” he said in this month’s edition of his Credit Strategist newsletter. “Gold has yet to make its move but investors should use gold’s recalcitrance as an opportunity to buy and save themselves.”

Gold more than doubled from 2008 to 2011 as the global economy suffered the worst recession in 80 years and central banks responded by flooding markets with dollars, euros and yen. The yellow metal gradually fell about 40 percent from the peak of $1,923 an ounce while business activity recovered and investors shifted money into higher-yielding assets.

Lewitt said gold’s value will rise as central banks devalue their currencies to aid growth. The European Central Bank and Bank of Japan are buying bonds to drive down interest rates, while almost two dozen countries including Russia, China, Canada and India have cut borrowing costs this year.

“Paper currencies are being debauched by virtually everything that central banks do,” Lewitt said. The Federal Reserve’s first rake hike in nine years, which may come as early as September, won’t change the worldwide devaluation of currencies, he said.

Europe Wants a Weak Euro

After weakening to 13-year lows in February, the euro recovered somewhat in May as the European Union’s economy showed signs of life. The currency lost value as Greece negotiated with its creditors before defaulting on a debt payment to the International Monetary Fund on June 30.

Lewitt said he expects the euro to remain weak as long as the European Central Bank is intent on supporting the region’s recovery.

“A weaker euro is not only essential to the ECB’s plan to stimulate the European economy but is the primary tool available to it with European interest rates at such low levels,” he said.

Gold's subdued reaction to the Greece's financial disarray can be attributed to the nature of the crisis, said Brian Kelly, founder and managing member of Brian Kelly Capital.

"There is no reason for gold to get any love now because this is a political crisis, not a currency crisis," he said on CNBC.com. "Gold is only useful in a complete currency collapse, as long as there is a viable alternative that is integrated with a banking system then gold will remain unloved."

Related Stories:

• Strategist Lewitt: Warren Buffett's Advice Is 'Detached From Reality'
• Lewitt: Economy Is Weakening as Crushing Debt Loads Hinder Growth