Below is a brief excerpt transcribed from Wednesday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.
Gold. It’s just been a beautiful thing.
If you are new to the process, what fund flows chase is falling volatility in major asset classes.
Gold volatility continues to fall. Therefore gold continues to rise because real interest rates continue to fall. That’s happening because the economic data continues to fall.
Yesterday's Durable Goods report shows that it remains in a recession.
If you look at Ex-Defense & Aircraft the number is -3.7% year-over-year.
There is literally no line item in the model that matters from an end sales or end demand perspective, other than housing, that actually went up in the quarter.
Most of you that are familiar with the process and the actual data know that.
