Gold futures have been among the best performers this year. But that hasn’t stopped Goldman Sachs’ head of commodities, Jeff Currie, from recommending that investors bet against the yellow metal.

“Short gold! Sell gold!” That was Currie’s unabashed advice during a CNBC interview Tuesday after discussing the outlook for crude-oil futures CLM26, .

Currie’s rationale is fairly straightforward: The closely followed Goldman strategist sees the Federal Reserve raising benchmark interest rates at some point in 2016 and believes the result of higher rates will be a drag on the dollar-denominated precious metal. A combination of flight-to-safety demand, driven by concerns about economic growth overseas, and mixed messages from the Fed have helped lift gold by more than 16% so far this year.

Gold futures US:GCM6 have boasted their best return in the first three months of a calendar year in nearly 30 years. But by ending a cycle of ultraloose monetary policy, the U.S. central bank would deliver a one-two punch for gold, lifting the dollar and making the commodity more expensive to those purchasing it in other currencies, while decreasing its appeal to investors seeking yield-bearing assets.

Gold ended Tuesday’s session $10.20, or 0.8%, higher at $1,229.50 an ounce, ending two sessions of losses.

“The Fed has signaled two [rate hikes]. Data is signaling three and what do higher interest rates do to gold? Send it down,” said Currie.

As for crude, Currie believes that oil will continue to see choppy trading until some of the excess gets worked out of the system and the U.S. curbs production levels. He believes until capital expenditures at major oil-and-gas producers reduce output, investors will continue to experience a bumpy ride. The outcome of a meeting of major oil producers in Doha, Qatar, set for April 17 to discuss an output freeze, is still uncertain.

Currie expects a genuine recovery in oil to occur “deep into the third quarter,” if producers start to scale back. On Tuesday, West Texas Intermediate oil futures ended modestly higher at $35.89 a barrel in rocky trading.

Currie’s full interview with CNBC is below: