The prognosis for the global financial system isn't bright, says James Rickards, senior managing director of Tangent Capital Partners and author of the upcoming book, "The Death of Money: The Coming Collapse of the International Monetary System."

"The international monetary system has actually collapsed three times in the past 100 years: 1914, 1939, and 1971. So these things do happen," he told Kitco News.

"I’m just trying to prepare the reader for first of all, the fact that it’s coming, and secondly as an investor what you can do now to protect yourself."

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Rickards also said the Federal Reserve doesn't object to a rising gold price as long as the move is orderly. A gradual move upward would increase inflationary expectations, which is now a goal of the Fed, he said.

The central bank probably doesn't focus much on gold, Rickards said. "Does [Fed Chair] Janet Yellen wake up in the morning and look at the price of gold first thing? Maybe she should. She probably doesn’t,” he said.

April gold futures traded at $1,334.90 an ounce early Friday afternoon, up $4.40 from Thursday.

Gold gained amid escalation of the Ukraine conflict between Russia and the West, but some experts question whether the strength will last.

"There is some safe-haven buying," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, told Bloomberg. "[Friday’s] move may be temporary as the sentiment has turned negative because of the rate-hike surprise."

He was referring to comments by Yellen Wednesday that the Fed might raise interest rates about six month after its bond purchases end.

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