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At -0.82, Gold has the highest short-term (2-week) inverse correlation to a Down Dollar Dovish Fed pivot this week (if you’re keeping score, this would be Yellen’s 6th hawkish/dovish pivot in 9 months); so I still like that long into the event.

Ahead Of The Fed: Why Investors Should Buy Gold - usd correlations

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.

Below is a video of McCullough on The Macro Show explaining why "Gold Is The Best Way to Protect Against Central Bank Risk."