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Editor's Note: Hedgeye added Gold (GLD) to ETF Pro on 1/8/19. Below is a brief excerpt transcribed from Monday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

Gold + Real Yields Sleep Together - gold cartoon 09.14.2016

Let's talk Gold.

I mean look at this chart. Do I need to say anything more? It’s right off the chart.

Gold + Real Yields Sleep Together - 2 24 2020 10 52 17 AM

It’s basically a four standard deviation move on a two-day basis. Similarly, there is a four standard deviation move on a two day basis on the 10 Year Yield to the downside. Those two things sleep together. Don’t forget that. These things are correlated.

That means that real yields are crashing and the number one thing related to Gold going up is getting real yields right.

To get real yields right, you have to get the Quad right. To get the Quad right, you have to get the Rate of Change (ROC) of growth and inflation right. 

There is nothing that I’ve said this morning that has to do with emotion, valuation, or otherwise.

Let’s stay with the process.