Doom-and-gloom investors are hurting their bank accounts says Howard Gold of GoldenEgg Investing.

The phrase 'don't bet against the Fed' proves true according to Gold, "why do people cling to their discredited beliefs and act against their own self-interest?" he asks.

Though some pundits claim another Great Depression is around the corner and that gold is the commodity to invest in, the stock market is consistently hitting new highs while gold is trading well below its record highs and nowhere near the $5000 an ounce that some have forecasted. Hyperinflation is nowhere to be found, says Gold.

Related: Dow 20,000 is pretty likely: WSJ Editor-in-Chief Gerard Baker

He claims that people continue to invest based on these doomsday ideas because of a behavioral finance concept called 'regret avoidance.' Regret avoidance is when investors expect vindication instead of admitting their mistakes and suffering regret.

Since September of 2011 gold has lost one-third of its value and the S&P 500 (^GSPC) has gained more than 60%. Still, some pundits have insisted the opposite would happen, playing into the idea of regret avoidance.

Related: S&P 500, Nasdaq will follow Dow to new 'big round number' highs

That's not to say gold isn't a great way to hedge your investments against inflation; it's just not a great place to store the majority of your money, says Howard Gold.

Markets are apolitical, concludes Gold, and letting your views get in the way might end up hurting you and your pocketbook.

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