In this excerpt from The Macro Show, Hedgeye Senior Macro analyst Darius Dale digs into the important relationship between gold and real interest rates. 

After every Old Wall technical analyst thought the chart of gold was breaking down in November, Dale explains in the clip above that the fundamental data continues to signal the gold bull market is not over yet.

"The real 10-year yield is at 0.51% this morning and has not budged at all in three months," Dale explains.

"Think about all the FOMO that's been concentrated in the U.S. equity market. You haven't seen that at all in the bond market. So you have a lot of things working on your side as it relates to gold here: the transition from Quad 3 to Quad 3, the Fed's balance sheet expansion, the dollar breakdown, the lack of a recovery in the U.S. economy, etc."

Watch the full clip above for more.

Dale: A Lot Of Bullish Signals For Gold Into 2020 - the macro show