It's going to be hard for the market to avoid a hiccup as the Fed moves to taper, says Peter Boockvar, Bleakly Advisory Group Chief Investment Officer. "Jay Powell and the Federal Reserve are just doing what doves do," he says.

"We are in a stagflationary environment" Boockvar states, based on September PMI data from Europe and the U.S. He explains that the slagflation story can "truly be global" with the fall of Evergrande.

Boockvar is remaining bullish on the long-term outlook for precious metals as a form of "financial sadomasochism," hanging on for an eventual reward.

He concludes that the exploding debts and deficits in the U.S. share a correlation with the value of the dollar's outlook, where Boockvar believes it will remain under pressure.

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