In this clip from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough highlights the relative moves between Gold, the Dollar, and the assets which have generated substantial returns in the last few months. Allocations should not depend on permanent narratives; being objective and balanced is critical to winning over the Full Investing Cycle.

"The opportunity cost of being long Dollars and Gold in the last 1-3 months vs. everything we made money on? Whatever you're seeing/feeling/thinking about Dollars and Gold is just dead wrong relative to the alternatives.”

“In the last 3 months, Gold is down -0.7%. YTD it’s down -6%. In the last 3 months alone, Oil itself is up +20%. Bitcoin is up +88%.”

Gold Has Been Trash Relative To Oil & Bitcoin - University Banner copy