The S&P 500 just hit all-time highs while inflation runs at 3.8% and real incomes fall for the third consecutive month. At the same time, gold has pulled back 12% despite ongoing geopolitical turmoil, and global bond yields are hitting multi-decade highs. Kitco News Senior Anchor Jeremy Szafron sits down with Peter Boockvar, CIO of OnePoint BFG Wealth Partners and author of The Boock Report, to decode the market’s most glaring contradictions.
Boockvar breaks down the reality of this morning’s PCE inflation print and explains why the long end of the bond market has officially seized control of monetary policy from Kevin Warsh and the Federal Reserve. The discussion uncovers the real reason gold sold off—and why its structural transition into the world’s “neutral asset” for global trade is actually accelerating. Discover what the record 6% default rate in private credit signals about the K-shaped economy, why the AI trade is hitting physical commodity constraints, and where Boockvar is finding high-yield defensive opportunities as the two-speed economy cracks.
Recorded May 28, 2026
Follow Jeremy Szafron on X: @JeremySzafron (
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Follow Peter Boockvar on X: @pboockvar (
Chapters:
00:00 The Gold Pullback
01:32 The Bull Case
02:54 Inside the 3.8% PCE Print
03:54 Structural Inflation
07:16 The K-Shaped Economy
09:17 Warsh & Fed Politics
12:10 Bond Market Takes Control
15:17 The Liquidity Boom
16:30 Gold’s New Monetary Role
20:22 When the Thesis Breaks
22:07 The Silver Setup
23:41 The AI Trade
26:28 Private Credit Stress
29:37 AI’s Inflation Problem
33:52 The China Tech Threat
35:42 The Defensive Rotation
37:52 Agriculture & Fertilizer
39:57 The Next Gold Catalyst
42:25 Japan & The Yen
43:48 What Markets Get Wrong
45:03 Closing & Subscribe
#Gold #Macroeconomics #FederalReserve #PeterBoockvar
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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30 Comments
Why is everyone talking about gold when US and Canada have put in legislation to implement Stable coin?….Gold will only be good for maybe one more drop, and then for the longer term if it is tangible gold. Paper gold is oversold and they will only be able to offer fiat paper or Stable coin in exchange. Europe is sinking fast. The are speeding up the implementation of digital ID number. They said they were testing CBDCs but who knows they may switch to Stable coin. At least in Canada they are. On the quite Mark Carney has transferred the US Stable coin legislation into Canada with a few small changes. He is following the USA. So much for Canada being an independent country.
Getting into the market and trading sounded simple at first, but once I got in, the price swings and mixed information made everything more confusing. I’ve tested several strategies,_ yet the results are just not there. Seeing others move ahead while I struggle has been frustrating. Has anyone actually worked with someone who guides you step by step instead of recycled content? I need real guidance…>
When he refers to Oracle, Are you referring to the Elecrtonic Health Records for the Govt. employees?
Hard to make a credible point based on gov,t numerical lies. Sheeple will believe anything the official numbers say but reality will eventually set in. Hang on and get out of fiat as much as possible.
Great discussion. Thank you Jeremy and Peter.
I love the artwork on the Goldbacks! It's so good. I think it's a great way to own some gold at an affordable entry price, especially lately with how high gold prices have gotten.
The current rise in the dollar and bonds reflects monetary policy manipulation by the Fed more than fundamental economic strength. The fact that gold is positioned as a neutral global asset is a signal that the world financial system is looking for balancing alternatives to avoid relying too much on the dollar.
some youtuber told that us will using stable coin to reset the 39 trillion debt
Brutally honest.
Thank you from Minnesota
Perhaps you should replace the battery in your smoke detector. 😁
Trump is playing a massive pump and dump scheme with The American Economy, when he has finished America will be a Bigger Shit Hole than India!
Excellent interview.
Screw this clown
When do they start selling treasuries to buy oil???
Gold is behaving the why it should.
Gold is a tool for wealth preservation.
Countries are selling gold to fill gaps from mostly loss of oil revenues.
It will continue down until interest rates go down.
Gold usually goes opposite of rates
I feel that in a month gold will be back at 5k and then depending on Global events its price will soar.
The real reason ? It dropped coz it's too high mate lol .
When Warsh testified that he does not believe in offering forward guidance, he might as well have resigned. Nobody who matters will trust him after that.
Follow the actions of the new dominant culture. And that is not the U.S. or Europe.
But if the broad stock market corrects due to the 10-year going to 4.75 or 5, will commodities, gold, and exclusively data center stocks hold their value?
China’s advantage in EVs includes a dirth of SCUM ATTORNEYS AND NEVER ENDING LAWSUITS. They don’t have Ambulance Chaser billboards lining their highways and flooding their airwaves. You get sued in the US for billions if a drunk illegal convict drives into the back of your semi or if a Waymo car honks it’s horn at you. All the giant transportation companies spend billions scaring off lawsuits, training employees on how to exit a vehicle with proper shoes on, defeating a lawsuit, or settling for a little as possible.
How much is porn driving data center growth? I mean it’s got to be a lot, right? I heard 33% of internet growth in the 2000’s was attributed to pornography.
Tis just a dip.
My anecdotal observation is that groceries have jumped 10% or 20% at Walmart in the last month or so. I can see it, I don’t think it’s my stress or imagination, I just know it’s starting to scare me how much more it’s costing now. I am pretty confident that gold prices will begin to reflect this very soon.
Because Chump is a Bozo
?When is Warsh going to FIRE/REMOVE/SHAME OUT of the position she has TARNISHED at the Federal Reserve? HOW can the Federal Reserve allow the MADAM LIAR lisa CROOK to remain at the Federal Reserve? PATHETIC
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2 reasons….. 1. insitutional short sellers press down the price, then buy physical gold. 2. Gold is convertible, and there are always willing buyers, most importantly, gold had appreciated in price and selling now is still a positive and profitable trade for these institutions.
Stock Market like gold, goes up and down with the money supply. Maybe delay or early, but they are all connected based on the money out there.
Gold & Silver will get boring again and Gold will go down to around $3000 by September and Silver will go down to about $50