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

Myth: there’s no interest rate risk to being long duration right now… because the Fed is buying bonds

Reality: “no” is a silly word to use when risk managing anything and rates rise with an economy in #Quad2

No, that’s not happening in your accounts this morning. But Gold and Silver losing another -1% and -2% of their prior value is. Despite the US 10yr Yield falling (-2bps to 0.85%) alongside US Equity Futures, isn’t that interesting…

TRADE: From an immediate-term @Hedgeye TRADE perspective, the reason why Gold and Silver are down… and our new short position in Gold Miners (GDX) is working is because the US Dollar is up (off our #oversold signal) this morning.

TREND: From an intermediate-term @Hedgeye TREND perspective, the reason why GLD, GDX, and SLV have been breaking bad is that they’re starting to price in a trending rise in Real Interest Rates.

CHART OF THE DAY: Learn To "Hodl" A  Full Investing Cycle #Process - Chart of the Day