After three tough years for gold, could a bullion turnaround finally be in the cards?
That's the argument made by Lindsey Group's chief market analyst, Peter Boockvar, who says that the Federal Reserve meeting minutes released this week point to a reversal for the precious metal.
"The three-year bear market in gold, in my opinion, is over, because yesterday in their minutes, the Fed officially threw their hat in the global-currency-war ring," Boockvar said Thursday on CNBC's "Futures Now."
Boockvar refers to the unease that Federal Open Market Committee officials voiced about the dollar's strength against foreign currencies.
"Some participants expressed concern that the persistent shortfall of economic growth and inflation in the euro area could have adverse effects on the U.S. external sector. ... A couple of participants pointed out that the appreciation of the dollar might also tend to slow the gradual increase of inflation toward the FOMC's 2 percent goal," the minutes record.
Boockvar's interpretation is that after standing by and watching a bevy of central banks around the world take measures (lingual or market-based) to reduce the level of their currencies, "the Fed finally decided, 'You know what? I want to be part of this battle.' And to me, that's the last missing piece in the gold bull case in the context of a three-year bear market."