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."
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."