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

McCullough: Here's What Happens to Gold When The Dollar Goes Down - 7 31 2020 10 48 35 AM

The U.S. Dollar continues to go lower. And you know what happens, when that happens?

Gold goes higher!

Take a look at the 98% inverse correlation that continues to hold.

McCullough: Here's What Happens to Gold When The Dollar Goes Down - 7 31 2020 11 23 31 AM

So, when the dollar goes down, Gold goes straight up as it continues to make a new high this morning. The top end of the Risk Range is above 2000.

Take a look at this chart below.

McCullough: Here's What Happens to Gold When The Dollar Goes Down - 7 31 2020 11 24 06 AM

The circles are where you buy more and the arrows are where you get paid. There have been four massive buying opportunities. It isn’t like this is just one day.

This is a process. Every single one of those basing periods across the full investing cycle, you get the opportunity to buy more.

Gold is up +66% over that period. If you are long an index like the Russell 2000 over the same period you are down -14%.

Now you understand that what we do makes a lot more sense than the Old Wall’s ways.