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

McCullough: Fade Your Feelings... Short Gold (At The Top End Of The Risk Range) - 12 2 2020 12 17 54 PM

We all know if you get the U.S. Dollar right you get a lot of other things right.

Today we had a bit of a counter-trend bounce and it has continued to fade since the morning. Primarily these bounces in the dollar are...

A) Fleeting
B) Something people are petrified of because of what they are correlated to

Take a look at the correlations today.

McCullough: Fade Your Feelings... Short Gold (At The Top End Of The Risk Range) - 12 2 2020 12 18 35 PM

Really, I don’t care about people's narratives. I care about numbers.

So looking today you can see that Gold was up. Why?

Because the Dollar was up! And yet people are confused.

Stop asking yourself why against your former confirmation biases. Do yourself a favor. The numbers don’t lie, people do.

You have to ask yourself “Why is this happening. Why is the Dollar developing a positive correlation, in other words, as the Dollar continues to be set on fire?”

As Janet Yellen was speaking yesterday, the dollar was careening to new cycle lows. New cycle lows beget lower lows.

That is going to perpetuate higher levels of inflation, higher levels of interest rates, higher levels of real yields off the real yield low, while lowering Gold price, Gold miners, and Utilities.

There are a lot of shorts to put on out there. There is a lot to do in Macro.