When Ben Bernanke announced that the Federal Reserve would not reduce the pace of its $85 billion-per-month quantitative easing program, gold greeted the news with open arms. The yellow metal promptly added more than $50 after Wednesday's news to hit the highest level in a week.
But Peter Boockvar says we've only seen the beginning of gold's response to the news.
"The two-year bear market for gold is over, and the uptrend is going to resume," said Boockvar, chief market analyst at the Lindsey Group.
(Read more: Will gold make a run for $1,500?)
"Gold is your defense against your policies of the Fed, and in my eyes, the Fed lost a lot of credibility today," Boockvar told CNBC.com. "Just when you thought the Fed was very dovish, they pull an even more dovish act, and many in the markets were blindsided."
For Boockvar, gold's post-announcement move was "predicated on the idea that the Fed is going to repeat the mistakes of the mid-2000s, and way-overstay its welcome with QE." He owns gold, because he thinks that thesis will end up playing out.