Gold Fell Below $4,000 Because It’s Treated ‘Like an AI Stock,’ Says Peter Boockvar

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 l…