"We have huge amounts of debt and what we've seen especially since 1971 when we've gone off the gold standard is there's unprecedented amounts of money because money is created out of thin air now, there's no longer any controls on the amount that's created," Jay Taylor, President and CEO of Taylor Hard Money Advisors told CNBC Friday. He added investors were turning to gold to safeguard investments after the US and Europe went on a "debt binge".