McCullough: Gold Has Been Bulletproof

06/24/20 04:02PM EDT

Below is a brief excerpt transcribed from Wednesday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

McCullough: Gold Has Been Bulletproof - 6 24 2020 1 27 07 PM

What is the Dollar's interpretation of gold?

It doesn’t really care! Just look at this chart.

McCullough: Gold Has Been Bulletproof - 6 24 2020 1 27 23 PM

This thing is awesome!

If I was betting on a rip roaring recovery (even though some people want me to be their proctologist and "pick bottoms"), I would have sold Gold and shorted it. In doing so I would have completely annihilated my long term #FullCycleInvestor reputation.

Doing Macro is never about looking at one thing.

I don’t just use company Pods or an economic Quad. We work on them and we are constantly trying to perfect them. All the sector heads work very hard of the Pods and Darius works very hard on the Quads.

But I really care about my market signal. That's where trends are born.

The trend signal in Gold (and long/short term Treasuries) has been absolutely bulletproof, buying every damn dip going all the way back to the end of the 3rd Quarter of 2018 when both GDP and Profit cycle peaked.

It’s been the biggest call you could have made.

Unlike all the other things, Gold and Treasuries didn’t have a major drawdown or crash that the Federal Reserve had to bail people out of.

We don’t need a narrative with Gold or have someone manipulate it in the futures market.

We’re just getting paid.

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