Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

Fundamentally, however, it makes complete sense for The People of China to appreciate their purchasing power appreciating. If I were paid in Yuans, I’d appreciate that too.

If you’re paid in Burning Bucks, it was another excellent week to be long of #Quad2 Inflation (Commodities):

A) CRB Commodities Index inflated another +2.4% last week to +23% YTD
B) Oil (WTI) inflated another +4.3% last week to +37% YTD
C) Copper inflated another +4.4% last week to +33% YTD

Vs. Gold +1.4% week-over-week to 0% YTD.

That’s that thing about the year-to-date (YTD) that has to be driving Gold Bugs crazy. Being at 0% YTD during two of the most epic #Quad2’s in US economic history sucks wind compared to many other asset allocations.

CHART OF THE DAY: #Quad2 Positioning Redux: FX & Commodities  - 6 1 2021 7 19 29 AM


McCullough: Which Style Factor Exposures Are You Long In #Quad2?