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As our subscribers know, Gold is up big since we turned bullish on it about a year ago.

Now, with an impending move to either Quad 2 or Quad 3 (two economic regimes in which inflation is accelerating), the best of the returns in Gold might be behind us.

However, as Hedgeye CEO Keith McCullough and Senior Macro analyst Darius Dale explain in the clip above, that doesn’t mean you should “sell it all” or go short on gold.

“If we’re transitioning from a period where inflation is decelerating, and real interest rates are falling, to a period where at best real interest rates are sideways… the best of times are behind you in things like gold,” Dale explains.

“But that doesn’t mean you go and short it. There are still gains to be had if we’re in Quad 3.”

McCullough adds that as long as real interest rates stay low, you can continue to risk manage the long Gold position.

“I’ll buy something if I think I can make money on it,” he explains.

“I’m not going to buy gold just so I can stay with the gold trade and market some gold books. We understand what Quads gold works in.”

Watch the clip above for more.

Is The Best Of Gold’s Move Behind Us? - early look