Lindsey Group's Peter Boockvar said Tuesday he's bullish on commodities, despite a note from Goldman Sachs urging investors to "beware" of the current surge in oil and gold.
"The supply side has now begun to respond to the weakening demand side," Boockvar told CNBC's "Worldwide Exchange." "When you have the Chinese saying we're willing to lay people off and close production, and close down smelters, to me that's a significant response."
Boockvar, Lindsey's chief market analyst, is especially upbeat on gold, noting its inverse relationship with what he sees as overvalued U.S. stocks. "I think [Goldman's] call on gold is potentially dead wrong."
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Boockvar cited money printing of "massive size" and negative interest rates. "What more bullish case can you have for that than gold?"
He said he doesn't understand Goldman's bearish argument. "If it's just because the dollar they think is going to go up, I think that's very misplaced."
The dollar, Boockvar said, topped out a year ago, but he hesitated to make a blanket statement. He said investors need to look at the dollar against multiple exchanges, not just against the euro or the Japanese yen.
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Instead, Boockvar urged to separately compare the dollar against the euro, yen, commodity currencies, and Asian currencies impacted by the Chinese yuan.
'Classic bear market rally'
While stocks were on a five-session winning streak heading into Tuesday's trading, Boockvar said the rally does not signal a bull market.
The recent advance is normal in a bear market with room to fall, he said. "It's a classic bear market rally," he argued. "It started in the middle of last year and still has room to the downside both in price and time."
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For Boockvar, high valuations are the most "dangerous thing for market," particularly in U.S. stocks.
For investment opportunities, he's looking to the beaten down energy sector. "If you want to look for opportunities, you look for that space."