Video News/New Orleans Investment Conference 2026

(Kitco News) - Gold’s slide below $4,000 on Oct. 30 was driven by forced selling tied to the tech rout rather than by gold’s own fundamentals, according to Peter Boockvar, chief investment officer at OnePoint BFG Wealth Partners. “This is forced selling,” Boockvar told Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, pointing to gold’s unusually tight correlation with the S&P 500 and saying the drop looks like “the end of this move.” He said the two fundamental headwinds for gold this year, rising real rates and a strong U.S. dollar, are now turning in its favor, and he is watching for another quarter of central bank purchases above 200 tonnes. Boockvar described the Federal Reserve’s September rate hike as a tweak rather than the start of a new tightening cycle, saying that selling gold on fears of a prolonged hiking campaign would be “the wrong reason.” He argued that slowing AI spending has become a factor the Fed must weigh ahead of its December meeting, and he warned investors not to count on the central bank to rescue stocks, with the S&P 500 now concentrated in a single AI trade.