Description
Peter Boockvar says the S&P 500 has become "one idea," and that idea is AI. The chief investment officer at OnePoint BFG Wealth Partners and editor of The Boock Report tells Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference that investors should be "reassessing their exposure," because the market is "very much riding on one idea."
Boockvar says gold's drop below $4,000 on Oct. 30 looked like forced selling, with gold trading in a "very unusual tight correlation" with the S&P 500. Gold "is treated like an AI stock today, which it's not," he says, and the two big headwinds for gold this year, rising real rates and a strong dollar, are starting to shift.
He argues the AI trade now matters to the Fed's December decision, calls the September hike "a tweak," and urges investors not to make buy and sell decisions based on what they think the Fed will do "to save the day."
He also covers what's hiding inside 3.4% GDP growth, Big Tech's cash burn, why Japan matters for U.S. yields, France's bond stress, who is buying record U.S. Treasury issuance, why the deficit could widen sharply if the AI trade cracks, whether 60/40 works again for retirees, and why he still likes energy stocks.
Read The Boock Report: https://peterboockvar.substack.com
This interview was recorded on Oct. 30, 2026.
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
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0:00 Big Tech's $900B Loss and Gold's Drop
0:56 Why the AI Trade Now Matters to the Fed
3:37 Will the Fed Hike in December?
5:19 Don't Count on the Fed to Save the Day
6:20 What's Hiding Inside 3.4% GDP Growth
7:38 Warsh's Fed and the "Wrong Reason" to Sell Gold
9:52 What Has to Happen for Gold to Turn
11:50 Why Gold Is Trading Like an AI Stock
12:58 Big Tech's Cash Burn and the AI Dominoes
17:29 The Non-AI Trade
19:12 Is Your Retirement Fund Riding on One Idea?
20:01 Fewer Fed Votes, and Does Politics Reach the Fed?
21:17 Why Japan Matters for Your Interest Rates
23:30 France and the Next Bond Scare
26:25 Who's Buying America's Debt, and a 10% Deficit Risk
28:48 What Gold Does If Bond Buyers Stop
29:37 Does 60/40 Work Again for Retirees?
30:50 The Mood at the New Orleans Conference
31:50 Gold Stocks, Margins and Diesel Costs
33:21 Why He Still Likes Energy Stocks
34:10 Wrap-Up
#Gold #StockMarket #AIStocks
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