Let’s cut right to the chase—it has been a horrible year to be long Gold. The spot price of gold is down -11% from its highs in 2018.

(Sorry, gold bugs.)

But where will gold prices go from here for the rest of the year? Hedgeye Macro analyst Christian Drake says that given the nature of interest rates at the moment, you can likely expect more of the same.

In other words, lousy returns.

“Gold doesn’t like strong dollar. Gold doesn’t like inflation and growth accelerating in the U.S.,” Drake explains in the clip above. “So you probably don’t see [a reversal] until the Fed is forced to acknowledge growth slowing, and you see at least a rhetorical pivot in terms of policy.”

But don’t get complacent about it either, Drake warns, given the “duration sensitivity inside these views.”

Watch the full clip above for more.

Drake: Expect More of the Same From Gold - early look