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 (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Peter Boockvar on X: @pboockvar (https://twitter.com/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
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Disclaimer: 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.
Disclaimer: 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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