Investors should avoid buying stocks in hopes that an end to the debt-ceiling impasse will create a rising tide and instead should cherry pick companies in sectors like gold and energy, says Jeff Saut, Chief Investment Strategist at Raymond James.

"I don't tend to buy the markets," Saut tells Yahoo! Finance. "In this climate there have been a number of stocks which have done pretty well while the market has gone nowhere."

The debt ceiling crisis diverted attention away from a lot of healthy earnings, plus sectors that have performed well will continue to do so.

"Energy is still my number one sector," Saut says.

(Associated Press photo)

"I would be a buyer on weakness. I think gold trades substantially higher from where it is right now."

Gold prices have surged in recent years, soaring past $1,600 an ounce amid weakening paper currencies, especially the dollar.

South Korea recently spent more than $1 billion buying gold in an effort to diversify its foreign reserves, according to Reuters.

Traders says more and more central banks will buy gold in order to shore up risk exposure to the weakening U.S. dollar.

Gold prices took a dip on news that U.S. politicians agreed on terms to lift the country's $14.3 trillion debt ceiling and avoid a government default.

But don't expect that trend to last, traders say.

"We all knew the U.S. politicians would reach a deal by Aug. 2," says Steven Zhu, operations manager at Yinjian Futures from Shanghai.

"However, problems still exist within the economies of the U.S. and Europe and that will keep gold’s uptrend intact."