Market reaction to the events in Israel and the Gaza Strip was muted. Peter said it was treated almost as a "non-event."

"There's so much complacency out there," he said.

The stock market has been shrugging off the backup in yields, and now it's shrugged off war in the Middle East, which I think is a big deal.

Oil was up a bit, but not nearly as much as you would expect given the turmoil in the Middle East.

Gold, on the other hand, was up around $30. This came on the heels of an outside reversal on Friday when gold and silver took out the low for the prior day and then closed above the high for the prior day. This kind of reversal generally signals the end of a trend.

In the case of gold and silver, the trend that was ending was the downtrend."

Peter said the situation in the Middle East is bullish for gold, silver, and oil, but the markets seem to be missing the heightened risks. He said the situation reminds him of what happened when Russia invaded Ukraine in February 2022.

At the time, most people thought it would be over quickly. Peter warned that it would likely drag on.

I wish I was wrong about that. I wish that this thing had ended quickly. But unfortunately, it didn't."