Gold jumps, silver cools as AI, SpaceX and IPOs test market leadership

Watch on YouTube ↗ | February 03, 2026 at 15:08 | 8:51 | CNBC

Speakers

Peter Boockvar — Chief Investment Officer, BFG Wealth Partners

Tony Zhang — Chief Strategist, OptionsPlay

Jason Ware — Chief Investment Officer and Head of Research, Albion Financial Group

Summary

A CNBC panel discussed a sharp rebound in gold and silver after a correction, with Peter Boockvar staying bullish on metals and Tony Zhang tactically cautious on gold and silver. The conversation also covered Bitcoin stabilization near $70,000, AI and tech leadership dispersion, SpaceX and private IPO valuations, and rising global yields. The panelists broadly saw market broadening beyond mega-cap tech but remained selective within tech and cautious on private-market valuations.

Gold and silver rebounded after a sharp correction; metals fundamentals were called intact but near-term consolidation possible.
Tony Zhang set gold downside around $4,200 and expected more silver consolidation after its $72 target.
Bitcoin's downtrend was acknowledged, but $70,000 was flagged as an interesting buyer level.
Jason Ware expected tech leadership to reassert in 2026, while Peter Boockvar saw the monolithic AI tech trade waning.
Peter Boockvar expected market broadening into international and small/mid-cap stocks to continue.
Tony Zhang preferred cheaper mega-cap tech like Meta, Alphabet, NVIDIA and Oracle and avoided high-multiple tech.
SpaceX was discussed as a richly valued private company with IPO potential, but no direct public trade was identified.
Peter Boockvar flagged rising long-term yields and Japan's weak yen/JGB yields as key global macro risks.

Ideas

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 0:48

Metals bull market intact despite consolidation

The metals trade remains in a bull market despite Friday's parabolic break and needed correction. Central banks still want gold as a key reserve currency, silver still has supply-demand imbalances, and after one to two months of consolidation/digestion he expects the industrial and precious metals bull market to stay intact.

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 1:18

Oil and agriculture to follow metals

He expects the bull move in industrial and precious metals to spread into oil and agriculture.

Tony Zhang Chief Strategist, OptionsPlay 1:51

Gold downside then buy; sell puts

Gold may have further near-term downside as leveraged positions get flushed out, with his downside target around $4,200. He would like to be a buyer near that level, consistent with the longer-term fundamental bull case, and would sell GLD puts around the 410 level as an implementation.

Tony Zhang Chief Strategist, OptionsPlay 1:59

Silver consolidating after hitting downside target

Silver hit his 72 downside target on Friday's intraday move, and he expects a bit more consolidation before the broader metals bull case resumes.

Tony Zhang Chief Strategist, OptionsPlay 2:21

Bitcoin limited downside, 70k buyer level

Bitcoin is stabilizing and the downtrend is clear, but he does not think there is much more downside while the broader risk market holds up; the $70,000 level is an interesting level for buyers to step back in.

Jason Ware Chief Investment Officer and Head of Research, Albion Financial Group 3:01

Tech leadership likely reasserts in 2026

The market is still trying to broaden out, but tech pullbacks look like consolidation rather than a lost leadership regime. He expects Big Tech to reassert leadership in 2026, helped by good earnings.

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 3:42

AI tech dominance as group waning

The mega-cap AI tech group is breaking up and must be evaluated stock by stock, with the market now differentiating winners and losers. The dominance of the AI tech trade as one monolithic group is beginning to wane.

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 3:55

International and small/mid-cap broadening continues

The market has broadened beyond the AI tech leadership, particularly into international stocks and small/mid-caps, a trend from last year that he thinks continues.

Tony Zhang Chief Strategist, OptionsPlay 4:13

Favor cheaper mega-cap tech, avoid expensive

Within tech, the winners are the names trading at reasonable valuations. He likes Meta, Alphabet, NVIDIA, and Oracle, with Oracle around 20 times forward earnings, while staying away from tech trading at 30-50 times forward earnings.

Tony Zhang Chief Strategist, OptionsPlay 4:13

Favor cheaper mega-cap tech, avoid expensive

Within tech, the winners are the names trading at reasonable valuations. He likes Meta, Alphabet, NVIDIA, and Oracle, with Oracle around 20 times forward earnings, while staying away from tech trading at 30-50 times forward earnings.

Jason Ware Chief Investment Officer and Head of Research, Albion Financial Group 5:06

Pick spots within Mag 7

The Mag 7 has never been a monolithic trade; some members are cheap and some are expensive, as seen with Tesla and with Google a year ago before its subsequent rally. He thinks there are still opportunities to pick spots within the group.

Tony Zhang Chief Strategist, OptionsPlay 6:59

Tesla declining business, 250x valuation unattractive

Tesla is arguably a business in decline yet still trades at roughly 250 times forward earnings, making its valuation unattractive.

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 8:04

Rising long-term rates remain key focus

The Reserve Bank of Australia's rate hike suggests global central banks may have cut too much and inflation pressures are not fully dead, making the rise in long-term interest rates and their elevated levels a major focus.

Peter Boockvar Chief Investment Officer, BFG Wealth Partners 8:12

Japan yen/JGB moves have global impact

Japan is a particular focus because weakness in the yen and rising JGB yields have global money-flow effects and potential economic impacts.

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This CNBC video, published February 03, 2026, features Peter Boockvar, Tony Zhang, Jason Ware discussing GLD, SILVER, DBB, WTI, DBA, BTC, XLK, AI-SECTOR, International stocks, IWM, META, GOOG, NVDA, ORCL, High-multiple tech, MAGS, TSLA, Long-term interest rates, FXY, JGB yields. 14 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Peter Boockvar, Tony Zhang, Jason Ware · Tickers: GLD, SILVER, DBB, WTI, DBA, BTC, XLK, AI-SECTOR, International stocks, IWM, META, GOOG, NVDA, ORCL, High-multiple tech, MAGS, TSLA, Long-term interest rates, FXY, JGB yields