Below is a brief excerpt transcribed from Thursday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.
Let's talk Gold. This is the fourth time we’ve seen Gold blast to higher highs since we went bullish on Gold back in October of 2018.
For those of you who are just recently long Gold, don’t forget that us #FullCycleInvestors went long Gold when the economic cycle peaked. That’s not an opinion that’s a fact. GDP profits and inflation peaked back in Q3 of 2018. So that’s when we started buying Treasuries, Gold, and Utilities.
Gold is up around 44% from that point. Back then Gold was around $1200 in U.S. Dollars. Don’t forget that Gold has hit all time highs across the board in other currencies.
Do I expect Gold to hit all time highs in US dollars? Yes I do.
Why? Because the market does.
Stay with the market signal. Gold is one way to play the unfortunate reality that is playing out in the labor market today.
(For more on that, see today's Chart of the Day.)
