CHART OF THE DAY: The Fiscal Anti-Gravity Machine

07/27/20 07:39AM EDT

Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough

‘Oh, but KM, they’re all doing it too.’ No they aren’t. Who in Australia, Canada, or the UK announced another TRILLION in government checks before the US Equity FOMO Futures were set to open on Sunday night?

As you can see in today’s Chart of The Day (heat map of global fiscal deficit spending), no one, globally, is going for Gold like Pump & Mnuchin are. If you can’t see that, pull up a live quote of Gold this morning:

  1. In Devalued Dollars, Gold was +5.0% last week
  2. Gold is up another +2% this morning
  3. Gold’s Full Investing Cycle return (started in OCT 2018 when the US Cycle peaked) is +64%

Dollar Down, Treasury Yields Down, Gold Straight Up is not an easy political message to sell with US Joblessness re-accelerating last week and Commodities outperforming Stahks! (again)

CHART OF THE DAY: The Fiscal Anti-Gravity Machine - Chart of the Day

© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.