"Gold is the only commodity to buy. The best time for commodities was in 2006, when the whole world was growing above trend.Western economies are anaemic at the moment, and I am not sure emerging market growth is enough to keep commodities going." Mr Bolton holds only one commodities stock in his fund, a gold mine.
It is uncertainty about America that is keeping Mr Bolton from increasing his exposure to commodities. While China is experiencing a bull market, he warned that the "stars of one bull market are not necessarily the stars of another".
"Commodities are measured in US dollars and the US dollar has been weak for the past couple of years. If commodities were measured in a stronger currency, the recent rallies might have been different."
The exception to this rule, according to Mr Bolton, is gold. He said he considered it a good investment while the West was experiencing slow growth.
"Gold is more like a currency than a commodity," he said. "Only a small fraction of gold mined is used – for jewellery and the like. The way it is held as an asset in central banks is not a feature common to other commodities.
"Almost every country has a big budget deficit at the moment so it is in their favour to see their currency depreciate. Countries hold gold as a protection against that."
Chinese investors have also started to take an interest in gold, he said, where previously they were buying American bonds.
Właściwie to ciężko mi znaleźć kogoś kto nie byłby bykiem na rynku złota.