Buying gold during a recession may not be the best investment, James Altucher, managing partner of Formula Capital, told Yahoo! Tech Ticker.

"I’m so bored of gold already — it's just a rock. I don't like betting on things where there's just one premise — 'Everybody's going to panic so let's buy gold,'" he said.

Investors should instead invest in stocks that are related to the price of gold and hold their own upside, Altucher said.

One of his recommendations is Cash America, the national pawn shop retailer. Altucher said the shops have the "best business model on the planet" by making borrowers pay high interest rates.

The collateral the stores hold onto nowadays is frequently gold, which the shops can buy way below spot market prices and sell later.

"As gold goes up so does the asset value in (Cash America's) safe," he said.

Altucher also likes Telecom Corp., the New Zealand phone company. He points out that the New Zealand’s currency the kiwi has a strong relationship to the price of gold.

His reasoning is because New Zealand is close to Australia, which produces massive amounts of gold.

Gold declined as the dollar rose, Bloomberg reported.

"In times of crisis where you don’t trust paper money, where you don’t trust the financial system, then people like the physical aspect of holding gold," Adrian Mowat, JPMorgan Chase & Co.’s chief Asian and emerging markets strategist, said in a Bloomberg Television interview.

"As we get a recovery I think gold is going to look like a very poor asset class to own as we go into next year."