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

It’s a great day to gross up your Long Gold position again. Why?

  1. This is Day 3 of the US Dollar probing the top-end of its @Hedgeye Risk Range
  2. This is Day 3 of Gold probing the low-end of its @Hedgeye Risk Range
  3. Gold Vol looks nothing like #NazVol – Gold Vol (GVZ) at 24-25 this morning is where you buy more Gold

Those are the easiest things for me to see this morning. They’re just quantitative signaling facts. The harder things for those who haven’t owned Gold, in size, for its Full Investing Cycle (i.e. since $1200/oz back in Q4 of 2018) to understand are:

A) The Quads
B) How Quads 3&4 have perpetuated Falling Real Yields
C) How real yields falling alongside a Devalued Dollar perpetuated MAGA Returns for Gold this year vs. SPY

CHART OF THE DAY: Gold Doesn't Like Rising Dollar's Deflationary Impact On Breakevens - Chart of the Day