That's because he believes the commodity bear market that started in September 2011 when gold topped out is coming to an end.
"Oil is the last major commodity to really crash which tells me this is the end of the commodity bear market. Oil will be the last one to recover but gold, agriculture [and] industrial metals will be the first to recover," Boockvar, also a CNBC contributor, said in an interview with "Street Signs."
If commodities find a firm bounce, he believes commodity currencies like the Australian and Canadian dollars and Brazilian real will rally.
He'd also stay away from the U.S. stock market.
"U.S. stocks are egregiously overvalued," he said. "Either the U.S. economy continues to improve, the Fed raises rates, which creates its own dynamic, or the Fed does not raise rates because the U.S. economy slows down," he said. "Both to me [are] challenging to stocks."
Instead, Boockvar would invest in commodity-based emerging markets like India and China. He also thinks Japan "will probably still have a good bit to it."
—CNBC's Stefanie Kratter contributed to this report.